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Housing Market

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Affordability

Homebuyer Down Payments Shrink for First Time in 5 Months

The typical homebuyer’s down payment dropped 1.5% year over year in December to $64,000 as elevated housing costs and increased negotiating power drove buyers to spend less upfront. In percentage terms, the typical homebuyer put down 15.2% of the purchase price, compared with 16.7% a year earlier. The typical U.S. homebuyer’s down payment fell 1.5% […]
Weekly Market Update

Pending Home Sales Decline in All But 5 Major U.S. Metros

The typical home that sells takes 66 days to do so–the longest span in seven years–as buyers take their time looking at their options and negotiating with sellers.  U.S. pending home sales fell 5.1% year over year during the four weeks ending February 8, the biggest decline in over a year.  On a local level, […]
Affordability

Homebuyers Need to Earn $35,000 More Than Renters to Afford Monthly Payments. That’s the Smallest Gap in 3 Years.

Homebuyers need to earn $111,000 annually to afford the median-priced home, compared with $76,000 for renters. The median household income is $86,000.  While that’s a significant gap, the rent-versus-buy gap is the smallest it has been in 3 years. It’s narrowing as buying gets slightly more affordable and renting gets slightly more expensive.  Zooming in, […]
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