Homebuyers on a $3,000 monthly budget have gained over $20,000 in purchasing power since mortgage rates peaked in the spring. House hunters who have been waiting for mortgage rates to start declining may want to get serious about buying a home soon. Mortgage rates dropped to their lowest level since March on Thursday’s inflation report, […]
This article was co-authored with Floyd Marinescu and was originally published in the Toronto Star on June 22, 2024. Canada faces a housing crisis, with median home prices in Canadian metros reaching $788,000, and soaring to $1.17 million in Toronto. This has made the dream of owning a home unattainable for most, while many renters
Canada Can’t Fix Its Housing Crisis Without a Land Value Tax Read More »
47% of U.S. apartments that were completed in the fourth quarter were rented within three months, down from 60% a year earlier. There are more new apartments hitting the market than normal. As a result, building owners are competing with one another for tenants, which is limiting how much they can boost prices. Newly built
Newly Built Apartments Are Filling Up at the Slowest Pace Since 2020 Read More »
Starter homes are affordable to a Black family earning the local median income in 10 major U.S. metros: Detroit, St. Louis, Baltimore, Indianapolis, Philadelphia, Cleveland, Pittsburgh, Warren, Columbus and Kansas City. For white families, starter homes are affordable in 32 major metros. In San Francisco, a Black family earning the local median income would have
Starter Homes Are Affordable to the Typical Black Family in Just 10 Major U.S. Metros Read More »
Just 39% of renters make enough to afford the median-priced apartment. The income renters need to afford the typical apartment is the highest since 2022 amid a rebound in asking rents, which are now just $47 shy of their record high. The typical renter earns enough to afford the median-priced apartment in just five metros
Home prices rose 0.3% in May. Price growth is slowing thanks to a small uptick in new listings as elevated mortgage rates keep buyers at bay. Mortgage rates are expected to fall in the second half of the year, which would bring both buyers and sellers back to the market. If sellers come back faster,
U.S. Home Prices Are Rising at the Slowest Pace in Nearly a Year and a Half Read More »
