Wages are up 4.1% year over year, while asking rents are up 2.6% and mortgage-payment growth has slowed to roughly 0% amid declining mortgage rates and a slowdown in home prices. Wages are up 4.1% year over year, outpacing gains in asking rents and mortgage payments, which are up a respective 2.6% and 0.2%. That’s […]
Wages Are Growing Faster Than Rents and Mortgage Payments Read More »
Asking rents climbed 3% in August as slowing supply and robust demand gave landlords more bargaining power; the number of new apartments hitting the market has dropped 45% since the pandemic building boom. Chicago saw the biggest jump in asking rents (+11%), while only three metros saw declines, led by Austin, TX (-3%). Asking rents
U.S. Asking Rents Rise Most Since 2022 As Apartment Construction Slows Read More »
The Black homeownership rate fell to 43.9% in the second quarter, while the Hispanic homeownership rate ticked up slightly. The drop in the Black homeownership rate may be tied to the rising Black unemployment rate, which sits at 7.2%—the highest level since 2021. The Black homeownership rate fell to 43.9% in the second quarter—the lowest
Black Homeownership Rate Drops to Lowest Level Since 2021 Read More »
Purchasing power has increased $7,500 in the last week alone, with rates falling to 6.3% on a weak August jobs report. The daily average mortgage rate dropped to 6.29% on September 5, the lowest level in 11 months. That means a homebuyer on a $3,000 monthly budget has gained $7,500 since one week ago, when
The number of homeowner households fell 0.1% year over year in the second quarter—a small decline, but the first since 2016. Meanwhile, the number of renter households rose 2.6%—one of the biggest increases in recent years. The number of homeowner households in America fell 0.1% year over year to an estimated 86.2 million in the
U.S. Homeowner Population Stops Growing for First Time in Nearly a Decade Read More »
San Francisco is the only major U.S. metro area where housing costs have returned to “normal”—and Bay Area neighbors Oakland and San Jose are not far off. Redfin today published a report projecting hypothetical scenarios where U.S. housing costs will return to “normal” within the next ten years, using the mortgage payment-to-income ratio as the
