The housing market has gained $4 trillion in value in the past year as cash-rich Americans have transferred their wealth from major hubs like San Francisco and New York to relatively affordable cities with more space and sunshine. The result is skyrocketing home values—a benefit for homeowners but a barrier for many first-time buyers. The […]
Forty-four percent of respondents to a recent Redfin survey said mortgage rates rising above 3.5% would have no impact on their homebuying plans. A homebuyer would lose $23,250 in spending power with a mortgage rate of 3.25% versus a 2.75% rate, where they were sitting late last year and early this year. At a 3.25%
A record 31% of Redfin.com users looked to move to a different metro in January, driven by homebuyers relocating to relatively affordable metro areas. Nationwide, 30.7% of Redfin.com users looked to move to a different metro in January, up from 25.9% during the same time period last year and the highest share since Redfin started
The two cities have relatively large proportions of households located in neighborhoods with about equal numbers of high-end and affordable homes—a dynamic that can promote distribution of wealth and economic mobility, but can also be a sign of gentrification. Los Angeles is on the opposite end of the spectrum, with over three-quarters of homes in
An analysis of over 220,000 home sales across a 13-year period found no consistent relationship between the addition of low-income housing and changes in nearby home prices in 18 of the 26 metro areas studied. Construction of low-income housing developments has had no consistent impact on the sale prices of nearby homes, according to a
Introduction of Low-Income Housing Unlikely to Affect Nearby Home Prices Read More »
In order to solve the housing shortage, the Biden administration should spend its affordable housing budget outside of expensive California cities and focus instead on building housing in already affordable places like the Midwest and South. The U.S. currently faces a housing shortage of 2.5 million homes. The number of homes for sale is at
