Buyers need to earn $115,000 to afford the typical U.S. home, down 1% year over year. That’s the first annual decline since 2020, thanks to falling mortgage rates, which just posted the first annual drop in three years. Still, the typical household only earns $84,000—27% less than it needs to afford the typical home. Texas […]
Buying a Home Just Got More Affordable for the First Time Since 2020 Read More »
During the last election cycle, the typical swing state renter household earned 21% less than they needed to afford the median priced apartment. Still, many renters feel the rent is “too damn high,” meaning the housing affordability crisis is a key issue for swing state voters deciding this year’s presidential race. Arizona has seen a
Home prices grew 0.5% month over month in August, the fastest pace since April. On a year-over-year basis, home prices rose 6.7%, the smallest annual increase since January. 20 of the 50 most populous U.S. metros recorded a drop in home prices month over month. U.S. home prices grew 0.5% in August on a seasonally
U.S. Home Prices Rose 0.5% in August, the Biggest Increase in 4 Months Read More »
Mortgage-rate locks for second homes have dropped 13% since last summer—more than twice as much as rate locks for primary homes. Demand for second-home mortgages is likely cooling in part because some buyers are paying in cash to avoid elevated mortgage rates. But high prices, economic jitters and a sluggish rental market have also made
Demand for Second-Home Mortgages Falls to Eight-Year Low Read More »
In San Jose, the typical recent grad would need to spend 28% of their income to rent the median priced 2 bedroom apartment with a roommate. That’s down from 31% in 2023, which was considered unaffordable because it was above the 30% affordability threshold. The story is similar in San Francisco and Sacramento. Nationwide, the
Homebuyers need to earn roughly $80,000 to afford the median-priced starter home, up 4.4% from last summer and only about $500 below the all-time high. That makes starter homes just barely affordable to families earning the median U.S. income, and unaffordable to families earning less than the median income. In half of the 50 most
