For Many Low-Income Renters, Even Low-End Apartments Aren’t Affordable
In the 25 largest metro areas in the country, people with low incomes pay far more than 30 percent for rent. Even markets that were not historically out of reach now take a large chunk of low-income renters’ dollars. In Houston, the median low-income earner spends 65.1 percent of her income on the median bottom-tier rent. In Tampa, it’s 59.1 percent. In Philadelphia, 57.3 percent.
Bremerton’s Affordable Housing Just Got Closer to Seattle – But There’s a Catch
A new high-speed ferry service connecting downtown Seattle with the city of Bremerton promises to make a number of more-affordable communities accessible to Seattle home shoppers. But because Bremerton isn’t part of the Greater Seattle market, some borrowers seeking even relatively affordable homes may need to do some potentially costly mortgage gymnastics to make their home purchase in and around Bremerton work.
Moving to Opportunity: Why Breaking Family Ties Isn’t So Easy
Family is among the most important reasons why some people stay put -- and living close to extended family is a higher priority for lower-income Americans, according to the Zillow Housing Aspirations Report (ZHAR).
Homes for Sale in More Than Half of Large Metros Less Affordable Than They Used to Be
Real prices on homes for sale is hurting affordability in many areas. For example, the median home available to buy in metro Los Angeles is currently listed at $650,000, which would take up 47 percent of the median income for that area.
How Rising Rates Affect Mortgage Affordability
If rates rise to 5 percent and homes continue to grow in value as expected, the share of income spent on a typical U.S. mortgage will jump to 17.9 percent. At 6 percent interest, the share becomes 20 percent. And at 7 percent interest, it becomes 22.2 percent.
Without Spending More, Some Renters Could Likely Afford to Buy Above-Average Homes
With rents continuing to climb and mortgage rates staying low, many renters find themselves gazing over the homeownership fence and wondering if the grass really is greener.
Empty Nest Households Are on the Rise
Pricey markets and those with weak labor markets have high concentrations of empty nests. Low densities of empty nests are found in booming cities with strong job markets, new family-oriented areas, and retirement communities.
Nearly Two-Thirds of Americans Live Far From Healthy Food, Some by Choice and Some Not
For many people, using a car to reach healthy food stores is a lifestyle choice. But 20 percent of the country’s non-rural population – or 47.3 million people – have both low incomes and low access to fresh food. Of the households living in food deserts, 7.9 percent don’t have access to a vehicle and must rely on public transportation or walking to reach an area with healthy food.
A Picture’s Worth: How Housing Affordability Changes Across Racial Communities
Nationwide and in many metro markets, rent in black and Hispanic communities consumes a much larger share of household income than in white communities, widening the great divide that already exists between white America and communities of color.
On Unequal Footing: How Housing Affordability Changes Across Racial Communities
Nationwide and in many metro markets, rent in black and Hispanic communities consumes a much larger share of household income than in white communities, widening the great divide that already exists between white America and communities of color.
