Home affordability has also been crippled by a combination of limited home supply and resilient demand due to solid wage growth, Zelman noted.
Rent growth fell again on a year-over-year basis in April, according to a new report from real-estate site Zumper.
And Zelman found that wage growth will outpace that of rent this year.
AdvertisementOwning a home costs an average of 9% more on a square-foot basis than renting, according to Zelman & Associates.
Along with each is the per-square-foot cost premium of owning compared to renting, according to Zelman & Associates.
Persons:
—, Ivy Zelman, I've, Zelman, Zelman isn't
Organizations:
Service, Zelman, Associates, Business, Wall, Toll
Locations:
Houston, Tampa