Key Points: Affordability depends heavily on location. Regional differences in prices, taxes, and utility costs lead to wide disparities in how much of one’s income is spent on housing. High home prices—particularly in Western markets—drive up mortgage and tax costs, leading to some of the highest cost burden rates in the country. High income ...
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Key Points: Affordability is likely to improve by year end, but will remain historically constrained. Higher inventory levels in Southern and Western markets will put more downward pressure on prices, moving these markets towards more buyer-friendly conditions. Existing-home sales will be driven by “life happens” events, but will remain limited by ...
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Key Points: Preliminary data from June and July indicate that affordability on an annual basis has improved for six consecutive months. Despite slowing price growth nationally, national house prices are unlikely to experience a significant and sustained decline. Tighter lending standards, stronger credit quality, significant equity cushions and a ...
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Key Points: Existing-home sales are hovering just above 4 million annualized sales, far below pre-pandemic levels. Housing contributes to GDP via new construction and ongoing housing services, totaling 16 percent of GDP last quarter. Fewer home sales curbs spending on everything from sofas to remodeling services, acting as a drag on broader ...
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Key Points: Renting is currently more affordable than owning in most major markets, even after adjusting for equity gains. The decision to rent or buy isn’t just financial – it’s also about flexibility versus stability, and lifestyle needs. Local conditions vary widely, and in some markets, modest appreciation still tips the scales in favor of ...
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Key Points: Housing cost burdens reached a new peak in 2023, with 16.9 million homeowners spending more than 30 percent of their income on housing—the highest level in over a decade. Nearly 60% of the increase in newly burdened homeowners since 2019 came from those spending over half their income on housing—showing that affordability challenges ...
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