Tag Archives: Affordability

Realtor.com forecasts which cities will see the highest home price appreciation next year. Click through to find out which locations are slated to be hot in ‘23.

The Midwest did not experience the same price surges other areas of the country have experienced since the beginning of the pandemic.

A new study examines the nation’s regions that were most vulnerable to market declines in the third quarter of 2022, based on home affordability and foreclosures.

According to Realtor.com's 2023 Housing Forecast, homebuyers will face home price increases throughout the nation’s 100 largest U.S. markets in 2023. However, those who can afford to purchase a home will find more available inventory than in 2021.

As housing deal cancellations and home price cuts hit record highs, new data from Redfin's latest market analysis showed pending sales dropped 32% year-over-year in October, marking the largest decline since 2013.

A new study from Bank of America revealed 73% of Gen Z reported that the current economic environment has made it more challenging to save. Many respondents said inflation has created even more financial stress, while surging rents or home prices have made it harder to afford day-to-day necessities.

Despite the decline in rental costs nationwide, affordability remains a concern among most tenants.  

First-time homebuyers looking to purchase a typical home during Q3 have begun to feel the impact of nationwide housing's growing unaffordability. A new report from the National Association of Realtors revealed single-family existing-home sales prices grew in nearly every metro analyzed, as the national median home price climbed nearly 9% from 2021.

Joe Mellman, SVP and Mortgage Business Leader at TransUnion, said, "Considering that homeowners had a cumulative total of $604 billion in non-mortgage debt, [HELOCs allow homeowners to] use their available home equity to pay off more expensive debt while keeping their existing low interest rate mortgage in place.”

In a letter to Federal Reserve Chair Jerome Powell, Rep. Maxine Waters addressed the Fed’s recent rate hikes, the impact on the nation’s housing crisis, and the effects of ongoing inflation.