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Housing Affordability

The Number of Renter Households is Growing Three Times Faster Than Homeowner Households

The number of renter households grew 2.7% in the third quarter, the second biggest year-over-year gain since 2015. The number of homeowner households grew 0.9%. Renter households have formed faster than homeowner households for the past four quarters as the cost of buying a home rose faster than the cost of renting.  The national rentership […]

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Roughly One-Third of Renters Have an Apartment That Costs Less Than $1,000 a Month—the Lowest Share on Record

Renters are most likely to pay under $1,000 a month in Oklahoma City, New Orleans and Cleveland, and least likely in San Diego, San Jose and Washington, D.C. There are four metros where renters are more likely than they were pre-pandemic to pay under $1,000 a month: Baltimore, New Orleans, New York and Los Angeles.

Roughly One-Third of Renters Have an Apartment That Costs Less Than $1,000 a Month—the Lowest Share on Record Read More »

Young Homeowners Are Much More Likely Than Young Renters to Say They’re Financially Better Off Than 4 Years Ago

69% of millennial/Gen Z homeowners are better off than they were four years ago, compared with 52% of millennial/Gen Z renters, a Redfin survey found. Just 18% of millennial/Gen Z homeowners are worse off, compared with 26% of millennial/Gen Z renters. The gap between homeowners and renters in younger generations is much larger than the

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Homebuyers Lose $33,000 in Purchasing Power in 6 Weeks As Mortgage Rates Hit 7%

Daily average mortgage rates have increased by nearly a whole percentage point since mid-September, bruising homebuyers’ budgets. The jump in rates comes just one week before a presidential election in which housing affordability is a top issue for voters. Mortgage rates hit 7% on October 28, the highest level since the start of summer and

Homebuyers Lose $33,000 in Purchasing Power in 6 Weeks As Mortgage Rates Hit 7% Read More »

Property Taxes Have Surged Nearly 60% in Tampa and Jacksonville Since 2019, Exacerbating Florida’s Housing Affordability Crisis

Property tax bills have increased since 2019 in nearly every major U.S. metro, with Florida home to three of the five metros with the biggest hikes. Property taxes are soaring in Florida partly due to the pandemic-driven migration and homebuying boom, and partly to the increasing intensity of climate disasters. Nationwide, property taxes have increased

Property Taxes Have Surged Nearly 60% in Tampa and Jacksonville Since 2019, Exacerbating Florida’s Housing Affordability Crisis Read More »

Nearly A Quarter of Prospective First-Time Homebuyers are Holding Off Until After the Election: Redfin Survey

23% of buyers who are likely to purchase their first home in the next year said they are waiting until after the election.  26.1% said they are waiting to see if Harris’ housing affordability plan goes into effect; 15.9% are waiting to see if Trump’s housing affordability plan is enacted. Personal finances and timing are

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