View Press | Corbis News | Getty Images The current state of rent prices in the United States has rendered them unaffordable for many low-wage earners. A full-time worker in the U.S. must earn an average of $28.58 per hour to afford the rent of a modest two-bedroom apartment in their local area. In high-cost …
A “For Sale” sign outside a house in Albany, California, US, on Tuesday, May 31, 2022. Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. Joe Raedle | Bloomberg | Getty Images Mortgage rates experienced a second consecutive week of decline, prompting both current …
Housing has a prominent role to play within the consumer price index, which is one of the most significant inflation indicators. As shelter is the most expensive cost for the average American household, it accounts for over a third of the CPI weight, providing it with a disproportionate impact on inflation data. For many months, …
A recent study by financial information provider SmartAsset has found that high-earning residents of New York City could save nearly $200,000 by leaving the city’s expensive taxes and rents behind and moving to Miami’s sunny beaches. According to the study, Manhattan residents earning $650,000 a year could save $195,000 due to Florida’s lack of state …
Last week, homeowners looking to refinance received some good news as mortgage rates slightly decreased following the Federal Reserve Chairman’s indication of a potential end to interest rate hikes. Although not a significant drop, the dip was sufficient to see a boost in demand for refinancing. The Mortgage Bankers Association’s weekly survey reported that the …
April saw a decline in inflation, with the consumer price index rising only 4.9% compared to the same period last year, marking the smallest increase since April 2021. This signals a deceleration of prices for household staples and an overall moderation of price pressures for consumers from multidecade-high levels. Policymakers aim to keep inflation at …
The Hamptons, one of America’s most affluent beach communities, is experiencing an oversupply of rentals this summer. With twice the normal number of seasonal rentals available due to the Covid pandemic, many homeowners are finding it challenging to fill their properties and have started trimming prices by 10% to 20%. Brokers predict that prices may …
Builders are finding success in an unusual way during the current housing market downturn. With a lack of existing homes available for purchase, newly-built homes are becoming increasingly important. This has caused new home prices to rise since many homeowners are opting to stay put rather than trading up to a new home at a …
Contractors are hard at work on the concrete slabs at the Cielo at Sand Creek housing development in Antioch, California. However, on Tuesday, the average rate on a 30-year fixed mortgage rose above 7%, marking the highest level since early March, according to Mortgage News Daily. There are several reasons behind this rise in rates, …
Last week, the fear of the Federal Reserve’s reluctance to lower interest rates due to stronger economic data led to a surge in mortgage rates. This, in turn, resulted in a drop in mortgage demand to the lowest level since February’s end. According to the Mortgage Bankers Association, the average contract interest rate for 30-year …