Affordability

“The increasing severity of natural disasters and the rising cost of construction is forcing mass-market carriers to reassess their growth strategies and put expansion on hold,” said Ben Madick, CEO and Co-Founder of Matic Insurance.

According to a new study from Real Estate Witch, 60% of surveyed Americans underestimate nationwide home prices, with only 1 in 7 knowing that the current median home price falls between $400,000 and $499,000.

National affordable housing program announces executive leadership changes, as Matt Pettit is promoted to CEO and American Mortgage Diversity Council Chair Tai Christensen is promoted to President of the company.

On one hand, buying a home and paying a mortgage means owners can build equity and leave an inheritance. However, when adding up monthly mortgage payments, home insurance, and property taxes, many renters could be left feeling like renting is not just the best option, but the only option.

“Mortgage credit availability declined to its lowest level since 2013, as lenders pulled back on underutilized loan programs and as liquidity concerns remain for some jumbo lenders,” said Joel Kan, MBA’s VP and Deputy Chief Economist. "Declining origination volumes have led to lower profitability for many lenders, resulting in narrower loan product offerings to reduce operational costs.

According to a new survey from Arrived, Americans are seeking financial security and stability from homeownership, but many remain hindered by unaffordability. Nearly 80% of Gen Zers report home prices are their biggest barrier to entering the housing market and purchasing a home.

"We've been noting for some months that the recent rate of home price gains would have a lagging, but significant, impact on the annual rate of appreciation," said Black Knight VP of Enterprise Research Andy Walden. "Well, June marked that inflection point."

For a litany of reasons—including rising prices and inflation—most consumers surveyed believe that now is not a good time to purchase a home.

While households nationwide continue to struggle with the increased cost of living, doxoINSIGHTS’ 2023 State by State Bill Pay Market Report revealed the average American is spending almost $25,000 per year on household expenses, with 73% of consumers reporting that inflation is currently impacting their ability to pay bills.

While rental prices peaked in Q2, they are expected to trend downward in the coming months, as available-for-rent inventory has surged 70% year-over-year. Here’s what else HouseCanary's latest National Rental Report has to reveal.