Real Estate

According to a new study, “house poor” homeowners in the Sunshine State and Golden State face the largest housing expenses, including monthly mortgage payments, property taxes, homeowners’ insurance, and utilities.

The MBA reports that overall mortgage application volume fell for the second straight week, with limited housing inventory and rates nearing the 7% mark hampering affordability for many potential buyers.

The bipartisan Neighborhood Homes Investment Act seeks private investments in rural communities to construct affordable homes, and revitalize 500,000 homes for middle- and low-income families.

Homeowners are feeling the pinch as searches for Home Equity Line of Credit (HELOC) hit their highest point in U.S. internet history

In fact, according to a LendingTree analysis of U.S. Census Bureau Characteristics of new housing data, homes have shrunk slightly since 2012, but the average price per square foot has nearly doubled.

CoreLogic economists attribute June’s small bump in price growth to an economic rebound, a boost in the jobs market, and strong consumer spending.

For a clearer glimpse into what first-time homebuyers are experiencing, Poin2 analyzed the number of years it would take for the average renter to save up for the upfront costs required to buy, as well as how many years it would take to cover the full cost of the first year of homeownership in the top-100 metropolitan real estate areas.

“Buyers searching for starter homes in today’s market are on a wild goose chase because in many parts of the country, there’s no such thing as a starter home anymore,” said Redfin Senior Economist Sheharyar Bokhari.

A new Zillow survey reveals that 80% of mortgage holders report having a rate of less than 5%, as over time, homeowners will come to terms with higher rates as commonplace.

Despite the widespread aspiration for homeownership, many Americans lack the necessary knowledge of basic concepts integral to this dream.