Rental affordability has improved thanks to flattening rents and a modest increase in teacher pay. In Portland, OR, the typical teacher can afford 91% of apartments near their school—the highest share among the metros Redfin analyzed. The share is lowest in Miami, at 0.2%. Cleveland ranks most affordable when it comes to homebuying; the typical […]
The nationwide median asking rent was $1,647 in July, down $53 from the all-time high in 2022. Rents for 3+ bedroom apartments fell the fastest, dropping 2.4% year over year. Rents fell in Sun Belt metros, especially in Florida and Texas, where new construction levels have been strong since the pandemic. The median asking rent
Asking Rents Fall Across All Bedroom Counts for First Time in 4 Years Read More »
There are now eight trillion-dollar metros, up from four a year ago, with Anaheim, CA, Washington, DC, Chicago and Phoenix joining the list of places where the total value of homes tops $1 trillion. Two New Jersey metros within commuting distance of New York saw the fastest growth in aggregate home value, while Sun Belt
House hunters should consider jumping into the market now, with last week’s soft jobs report sending mortgage rates to their lowest level since April 2023. Daily average mortgage rates have dropped to their lowest level since April 2023, welcome news for homebuyers who have been waiting for affordability to improve. A homebuyer on a $3,000
17.3% of house hunters, overall, would trade off their safety to find an affordable home. Concern for safety is also a common reason why people are looking to move in the first place. Access to healthcare services, restaurants, bars and coffee shops top the list of trade-offs house hunters are willing to make in order
The number of renter households grew 1.9% in the second quarter—one of the biggest gains in recent years. The number of homeowner households rose 0.6%—the smallest uptick since 2022. America’s renter population is growing as the cost of homeownership climbs; mortgage payments are up 90% from before the pandemic, while asking rents are up 23%.
