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Housingaffordability

All articles tagged with #housingaffordability

domestic-news-migration-trends2 years ago

"2023's Top Moving Destinations Revealed: States with Surprising Influx and Exodus Trends"

Vermont has topped United Van Lines' National Movers Study as the state with the highest percentage of inbound moves for the third consecutive year, with 65% of moves being inbound, largely due to family proximity and lifestyle changes. Washington, D.C., and South Carolina also saw significant inbound migration. The trend reflects a shift towards less expensive metro areas amid rising housing costs, as reported by Zillow. Conversely, states like Illinois, Michigan, California, North Dakota, and Kansas experienced high outbound migration, with New Jersey leading the nation in residents moving out for the sixth year in a row.

via New York Post |
##domestic-news-migration-trends#housingaffordability
real-estate-economy2 years ago

"2024: A Promising Year for Homebuyers with Improved Affordability and Lower Mortgage Rates"

The real estate market is showing signs of relief for potential homebuyers as mortgage rates decrease from their peak, with the National Association of Realtors indicating that 2023 was a particularly tough year for home sales. The easing of market pressures and a potential reduction in interest rates by the Federal Reserve could further improve affordability in 2024. Home prices have risen, but the increase in listings and advice to shop around for the best mortgage rates suggest a more accessible market for buyers who are financially prepared.

via KOMO News|
##homebuying#housingaffordability
economy2 years ago

"2023 Housing Recap: Affordability Plummets as Markets Tighten Nationwide"

The US housing market is currently experiencing a significant decline in home sales, with new home sales down 27% and existing home sales down 40% since January 2022. Despite high mortgage rates and historic unaffordability, homebuilder stocks have surged due to tight supply. Experts predict a slight market loosening in 2024, with an increase in inventory and a reduction in the "lock-in" effect as homeowners may be forced to sell despite higher rates. The market is supported by structural demand due to underbuilding and demographic shifts, but affordability remains a critical issue, with only 15.5% of homes deemed affordable for the average household in 2023.

via Business Insider|
##economy#homebuilderstocks
urban-planning-transportation2 years ago

"American Metropolises Eliminate Mandatory Parking Requirements"

Austin, Texas, has become the largest U.S. city to eliminate off-street parking minimums, a move aimed at reducing reliance on cars, improving housing affordability, and encouraging alternative transportation. This trend is gaining momentum across the country, with over 50 cities, including Anchorage and San Francisco, having already ditched these requirements. Critics argue that without adequate public transit, this could drive businesses and the middle class to the suburbs, but supporters believe it will lead to better land use and more walkable neighborhoods. The change allows the market to determine the need for parking, potentially reducing the cost of housing and fostering urban environments that prioritize human interaction over car storage.

via NPR|
##austin#housingaffordability
real-estate-lifestyle2 years ago

"Millennials Co-habit with Parents to Save for Home Ownership"

Millennials are increasingly living with their parents to save money for home purchases amid high rental and real estate prices. The National Association of Realtors reports a rise in first-time buyers moving directly from family homes to their own, with the median age for first-time buyers now at 36. High costs of living, student debt, and competitive housing markets have led to this trend, which also coincides with a rise in multigenerational households. Despite the challenges, some millennials, like Brandon Paulin and Alex Mourousias, have successfully transitioned to homeownership through this strategy.

via The Washington Post|
##homebuying#housingaffordability
real-estate2 years ago

"2024 Housing Outlook: Buyer Relief and Market Predictions Across the US"

Housing market experts predict a gradual improvement in the housing market for 2024, with a slight decrease in mortgage rates and a modest increase in home sales and construction. Mortgage rates are expected to average around 6.5-6.8%, and home prices are forecasted to either hold steady or slightly decrease. The market is anticipated to become more accessible, with an increase in inventory and affordability, particularly in southern metro markets and the most affordable Midwest regions. However, significant price drops are unlikely, and the affordability threshold is expected to improve as mortgage rates stabilize.

via CNN|
##homebuying#housingaffordability