Ballooning mortgage costs, driven by skyrocketing prices and interest rates, have made mortgages less affordable than at any time since at least 2007. Demand for homes has pulled back in response, easing price growth, slowing sales and boosting inventory, according to the latest market report from Zillow. Mortgage rates shot up in early June, averaging
U.S. Home affordability hits worst level since 2006
May 5, 2022 by
With home prices still making double-digit gains and mortgage rates now at their highest level since 2009, Americans are facing the worst home affordability in 16 years. Now, almost all housing markets in the U.S. are less affordable than they have been historically, with affordability close to its lowest-ever point on record. Black Knight, a
Study shows homeownership still more affordable than renting in most parts of the U.S.
January 7, 2022 by
Rising home prices and the issues that causes for housing affordability have attracted plenty of headlines over the past year. But homeownership is still more affordable than renting in most markets, according to the latest study by ATTOM Data Solutions. The study found that owning a media-priced, three-bedroom home is more affordable than renting an
Housing affordability shrinks for average wage earners
January 2, 2022 by
Analysis of the housing market shows that housing affordability shrank again in 2021, though the average wage earner in most U.S. counties can still afford to buy. The National Association of Realtors’ December Housing Affordability Index shows that surging demand for a very limited inventory of homes is fueling higher home prices, resulting in a
Tough Questions Arise Out of An Unprecedented Affordability Crisis
June 22, 2021 by
Blackstone Real Estate just acquired affordability innovators Home Partners of America for $6 billion. Here’s why this is big news.
More renters can afford to buy a home, NAR says
December 8, 2020 by
The National Association of Realtors says the number of renters who’re in a position to buy their first home has increased in the last two years. However, it says homeownership remains difficult for many to attain due to the need for a large down payment. In its latest Economists’ Outlook blog post, the NAR said
National median incomes fail to keep pace with home values
December 24, 2019 by
Housing affordability fell in October despite mortgage rates being at a historical low, according to the latest National Association of Realtors’ Housing Affordability Index. However, the NAR said that housing affordability conditions have nonetheless improved from a year ago. The issue is that home prices are rising faster than incomes, leading to houses becoming less
Homebuyers Worry Most About Cost and Competition in Latest Redfin Survey
May 27, 2016 by
SEATTLE — May 27, 2016 — Affordability is the main concern keeping homebuyers up at night, according to a survey of 975 buyers conducted this month by Redfin (www.redfin.com), the next-generation real estate brokerage. One in four respondents cited affordability as their top concern in buying a home, making it the most common response. Competition
NAHB Reveals Top Five Most/Least Affordable Major Housing Markets
May 22, 2013 by
Housing affordability in the US remained close to its all-time record highs in the first quarter of 2013, according to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index.
Home Affordability on the Rise throughout the USA
February 26, 2013 by
Home affordability in the US is on an upward trend, as 74.9% of homes sold in the fourth quarter of 2012 were deemed affordable to families with a US median income of $65,000, up from the 74.1 percentage of the previous quarter. These are the findings of the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
