While many metro areas continue to outpace the national average in terms of growth, GOBankingRates reveals the cities where homebuyers will be unable to afford homes in the next 10 years, with popular cities like Knoxville, Tennessee; and Albuquerque, New Mexico topping the list.
Read More »Midwest Metros Top List of Cities With Most Affordable Rentals
As economic inflation continues to impact rental prices nationwide, a new study from WalletHub examined the best and worst cities to rent in the U.S., with Midwestern states like North and South Dakota, Kansas, and Iowa topping the list of places with the most affordable rentals.
Read More »Interest Rates Raise Typical Monthly Mortgage Payment to Over $2,600
”It shows that the Fed’s interest-rate hikes are working and increases the chance they’ll only hike rates one more time this year,” said Redfin Economic Research Lead Chen Zhao.
Read More »Miami Named Nation’s Hottest Renting Spot
As renters continue to outpace homebuyers across the U.S., Miami is reemerging as the nation’s most competitive rental market. But pent-up demand remains an issue, driving the occupancy rate up to an estimated 97.1%, according to a new report from RentCafe.
Read More »Homebuying Remains Out of Reach for Many
According to a new Home Bay study, it is more affordable to rent than buy a home in 90% of the most populous U.S. cities. Research found that, on average, renters save an estimated $174 a month, totaling $2,088 per year.
Read More »Median Home-Sale Price Down YoY
Due to a significant lack of homes for sale, the median U.S. home-sale price is down 0.9% year-over-year, according to a new housing market update from Redfin, representing the smallest decline in nearly four months.
Read More »Mortgage Rates Shift Direction, Trend Upward
After a three-week slide, Freddie Mac reports the fixed-rate mortgage rose four basis points week-over-week, and despite affordability headwinds, buyers have driven new home sales to levels seen in more than 12 months.
Read More »Median Home Prices, New Homes for Sale Slipped in June
Annually, new listings of homes for sale dropped nearly 26%, falling below their previous pandemic lows, according to Realtor.com.
Read More »Western Markets Experiencing the Largest Rent Drops Nationwide
While rents remain nearly 25% higher compared to the same time in pre-pandemic 2019, rent prices in the expensive West are seeing the largest year-over-year declines, according to Realtor.com's May 2023 Rental Report.
Read More »Credit Availability Tightens as Demand Shrinks, Rates Rise Again
As affordability struggles worsen for homeowners and buyers nationwide, for-sale inventory is now at its lowest level since April 2022, according to Black Knight's latest Mortgage Monitor Report for April.
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