Best Metros for Remote Workers: Where Fast Internet Meets Affordable Homes
The results present some interesting opportunities for digital nomads looking for a new home base.
Rising Mortgage Rates Thorn in Otherwise Rosy Conditions for Home Buyers
Would-be buyers are still feeling the pinch, as rising mortgage rates slice budgets and eliminate the share of affordable homes.
U.S. Housing Affordability Crisis Rooted in Urban Cores
An urban renter household earning the median U.S. household income should expect to pay 36.8 percent of their income on rent each month.
Lower-Income Renters Pay Almost 2/3 of Their Income on Even Modest Apartments
Mortgage affordability – the share of median household income needed to afford a typical U.S. home – reached 17.5 percent in the second quarter 2018, higher than it’s been in nine years.
Most Affordable Markets for Homebuyers
Markets that seem affordable, because their median home price is lower than other areas, may actually be unaffordable for people who live there. Oklahoma City, Pittsburgh and Indianapolis top the list of metros that pass a more realistic test.
Rising Mortgage Rates Threaten Housing Affordability and Inventory
A sustained upswing in mortgage interest rates is likely to be felt by current and would-be homeowners alike, denting mortgage affordability in many large markets and complicating the financial decision on when or whether to move to a different home.
For people who don't like their market too hot or too cold, these “sweet spots” have strong job and income growth but relatively affordable rents.
Worsening Affordability Costs Renters Nearly $2,000 a Year
Rising rents are eating up an increasingly large share of tenants’ incomes, costing the typical U.S. renter almost $2,000 more per year than they would if renters were devoting the same-sized chunk of their paychecks to their landlord as they used to.
Buyers With Lower Down Payments Make More Offers
The amount of a buyer’s down payment can come into play when other factors in competing bids are a wash. On average, higher down payment buyers make 1.9 offers, while low down payment buyers make 2.4 offers.
Viewed from Beijing, Even Silicon Valley Housing Looks Affordable
Homes in China’s most expensive metros sell for thousands of dollars more per square meter than homes in San Francisco and San Jose. But incomes in those U.S. metros are four to five times higher than incomes in Beijing.
