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As rates continue to fall, the average monthly mortgage payment should shrink as well, making homeownership more affordable for more buyers. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

☆ Property Taxes Are Going Up; Here’s How to Lower Your Bill
▼ + stars: | 2023-02-05 | by ( Veronica Dagher | ) www.wsj.com time to read: 1 min

The cost of homeownership will rise for millions of Americans in coming weeks as new property-tax assessments arrive in the mail. Property taxes have risen across much of the country in recent years. In the most recent data available, the median tax bill increased more than 8% to $2,795 per homeowner in 2021 compared with 2019, said David Logan , senior economist at the National Association of Home Builders.

☆ A 37-year-old nonprofit exec can afford homeownership in the Bay Area only because she lives in an ADU in her mom's backyard
▼ + stars: | 2023-02-05 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +5 min

Katie Sandoval Clark said the arrangement has helped her family "pursue what we really want to do." So Sandoval Clark came up with a plan. Sandoval Clark told Insider. Sandoval Clark with members of her family in front of her home, a 1,200-square-foot accessory dwelling unit. Sandoval Clark said her home has high ceilings and gets a lot of light.

☆ Meet the DINKWADs: The TikTok legion making everyone jealous with their double incomes, no kids, and a dog
▼ + stars: | 2023-02-04 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

There's a new American Dream: Becoming a DINKWAD — double income, no kids, with a dog. It stands for double income, no kids, with a dog. You can also be a DINK — double income, no kids — or a SINK, meaning single income, no kids. And then I heard the phrase DINKWAD, which is double income, no kids, with a dog. There's an increasing acceptability of not having children; there's a decreasing stigma around not having children," Pamela Aronson, a professor of sociology and an affiliate of women's and gender studies at the University of Michigan-Dearborn, told Insider.

During the pandemic, mortgage rates plummeted below 3%, flooding the real estate market with homebuyers trying to snag a good rate. "Mortgage rates have trended down in the past couple of months," he says. So... [for] someone waiting for a 3% or 4% mortgage rate, it's not going to happen." For example, Rocket Mortgage is currently offering a mortgage rate buydown program called Inflation Buster. Evaluate whether you're buying for the right reasons and determine if you and your budget are ready for this important milestone.

☆ A 24-year-old homebuyer whose builder paid for a lower mortgage interest rate said it was what he needed to purchase his first home
▼ + stars: | 2023-02-03 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

During the first year of his loan, Ogata will have an interest rate of 6.1% for a 30-year-fixed mortgage rate. Once the year is completed, his interest rate will climb to 7.1%. A study from John Burns Real Estate Consulting shows that as of December, 75% of US homebuilders were offering mortgage rate buydowns. "The biggest thing that triggered it was when interest rates unprecedentedly doubled in a very short amount of time," Todd told Insider. Needing a way to address the decline in affordability, Todd says a mortgage rate buydown program was naturally the best tool in their deck.

☆ The housing shortage is the root of all of America's problems
▼ + stars: | 2023-02-03 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyThe US housing shortage isn't just fueling an affordability crisis. This is the gist of the "housing theory of everything," coined in 2021 by economists Sam Bowman and Ben Southwood and housing advocate John Myers. The housing theory of everything, however, suggests that this lack of affordability is far from the only American problem the housing shortage is contributing to. Even for households that are content as renters, a shortage of homes pushes more people to rent, which ultimately drives up rental rates. America's obesity rate has shot up in recent decades, and it's had significant health consequences.

☆ The biggest regrets recent homebuyers have, including locations, property types, and unforeseen expenses — and how to avoid them, according to an insurance company.
▼ + stars: | 2023-02-03 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

According to the survey, the two biggest expenses homeowners faced were broken appliances and water damage. To be exact, water damage accounted for 45% of the issues. The average home insurance claim for water damage and freezing is about $11,650, according to iii.org. This is a task you can learn to do yourself by getting familiar with what the early signs of water damage may look like. Another big issue is water heater damage, which can set a homeowner back by $1,000 to $1,500, according to Hippo Home Care.

☆ I felt pressured to buy a nearly $1 million house at age 27 — and I deeply regret it
▼ + stars: | 2023-02-03 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

She wasn't ready but thought if she waited, she'd never be able to afford a house. She talked about the pressure to buy and how she had to change her life to afford homeownership. We were saving around $4,000 a month, so we thought that a $6,000 monthly mortgage payment would be doable. Our take-home pay each month is a bit more than $11,000, and our monthly mortgage payment is about $6,800. We've realized we're going to have to make some substantial lifestyle changes to be able to afford the house.

☆ Self-made millionaire: Here are 8 things rich people do differently that make them 'ultra wealthy'
▼ + stars: | 2023-01-29 | by ( Grant Cardone | ) www.cnbc.com time to read: +4 min

But I wish I had known sooner how ultra wealthy people think about money. Instead, cash-flow real estate is the place to protect and grow money. On the flip side, cash-flow real estate — commercial real estate where you are making a monthly profit off of rent after your mortgage payments, property taxes and maintenance — is a great way to grow your money. This can apply to a business — the rich may contract to buy bulk supplies or equipment — or to you personal life. And most of the real estate I own today was purchased from sellers who picked me over other qualified buyers because we had existing relationships, and they had confidence in my ability to close.

☆ Rent prices have dropped the most in these 5 U.S. metros. Why it's cheaper to rent than buy in many markets
▼ + stars: | 2023-01-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

Indianapolis; Carmel, Indiana; Anderson, IndianaMedian rent at the end of 2021: $1,300Median rent at the end of 2022: $1,700Rent increase: 30.8% 2. New Haven, Connecticut; Milford, ConnecticutMedian rent at the end of 2021: $2,250Median rent at the end of 2022: $2,800Rent increase: 24.4% 4. Naples, Florida; Marco Island, FloridaMedian rent at the end of 2021: $5,200Median rent at the end of 2022: $6,448Rent increase: 24.0% 5. Memphis, TennesseeMedian rent at the end of 2021: $1,800Median rent at the end of 2022: $1,695Rent decrease: -5.8% 2. Palm Bay, Florida; Melbourne, Florida; Titusville, FloridaMedian rent at the end of 2021: $2,300Median rent at the end of 2022: $2,200Rent decrease: -4.3% 5.

☆ Buying a home is now more affordable than renting in these five cities
▼ + stars: | 2023-01-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Renting costs nearly $800 less per month than buying, on average. But there are five cities where, despite stubbornly high prices, rising mortgage rates and some of the least affordable home buying conditions in decades, it is still cheaper to buy than to rent. Monthly buying costs assume a 7% down payment with a mortgage rate of 6.36%, and include taxes, insurance and homeowners association fees. Where renting is betterAustin, Texas, offered the biggest discount for renting compared to buying, with renting 121% or $2,013 cheaper per month. Even in Florida cities like Miami, Tampa and Orlando, which have seen some of the highest rent growth and rent costs in the past year, renting is still more affordable than buying a starter home.

Pros and cons of Happy Money personal loans Pros No prepayment or late fees. You'll have to borrow at least $5,000 with a Happy Money loan, which is more than other competitors require. You'll have to borrow at least $5,000 with a Happy Money loan, which is more than other competitors require. 640 Editor's rating 4.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) Fixed rates from 7.99% APR to 23.43% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. See our ratings methodology for personal loans »How to apply for a Happy Money personal loan1.

☆ Homebuyers who are hoping for lower prices in 2023 are in for a 'rude awakening' when house hunting
▼ + stars: | 2023-01-24 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

Some respondents said a souring economic climate could keep them from buying in 2023. One homebuyer told Insider that she is considering moving to a new state to afford a home. "I got sick of wasting money on rent and wanted to see what I could qualify for, but it has not been promising," Jenner told Insider. To Elizabeth Renter, a spokesperson for NerdWallet, these survey results show that many homebuyers may be in for a "rude awakening" in 2023. However, Renter said many homebuyers are still facing an uphill battle when it comes to buying a home.

☆ First-time homebuyers are 'royally screwed'
▼ + stars: | 2023-01-22 | by ( James Rodriguez | ) www.businessinsider.com time to read: +13 min

For first-time homebuyers like Talej, the outlook has never been bleaker. And during that year, first-time buyers accounted for just 26% of all home purchases, the lowest percentage ever, according to the NAR. The racial makeup of first-time homebuyers also set records in 2022, but the lack of progress in Black homeownership was perhaps most shocking. The percentage of first-time homebuyers who were white hit a two-decade high of 88% last year, up from 83% in 2003. Hope is a fickle thingThere's some slight relief on the horizon for first-time homebuyers.

☆ The 10 best cities to buy a home in 2023 are all in the South
▼ + stars: | 2023-01-22 | by ( Mike Winters | ) www.cnbc.com time to read: +5 min

The median price of homes in some of these markets isn't cheaper than the national median of $398,500. However, these cities scored high on other metrics such as job growth or housing supply. Here are the 10 best places to buy a home in 2023, according to NAR:1. However, this fast-growing market has strong migration gains and job growth that is nearly twice the national average. Just under 30% of renters can afford a typical home with a 10% down payment, which is almost twice the national average.

☆ Bad news for millennials: Things have never looked bleaker for first-time homebuyers
▼ + stars: | 2023-01-22 | by ( James Rodriguez | ) www.businessinsider.com time to read: +13 min

For first-time homebuyers like Talej, the outlook has never been bleaker. This unfortunate combination means first-time buyers are waiting longer to purchase homes and winning out with less frequency than ever before. And during that year, first-time buyers accounted for just 26% of all home purchases, the lowest percentage ever, according to the NAR. The percentage of first-time homebuyers who were white hit a two-decade high of 88% last year, up from 83% in 2003. These trends only compound the bad economic news for millennials, who make up the majority of today's first-time buyers.

☆ Millennials are living with their parents at higher rates than past generations, and they're not ashamed
▼ + stars: | 2023-01-17 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +11 min

Since 2020 adults aged 25 to 34 are living at home at higher rates than past generations, said the Census Bureau. According to the US Census Bureau, about 18% of men and 12% of women ages 25 to 34 were living with their parents in 2022. Barwig estimates she's saving about $30,000 a year. "I don't really spend a lot of money," she said. She's been able to maintain the job as a mostly remote employee at the Jersey Shore, where her parents live.

☆ Millennial who saved $100,000 before she turned 26 says 3 tips could help you do the same
▼ + stars: | 2023-01-16 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

Dunlap gained a following blogging about her journey to save $100,000 by the time she turned 25. Most recently, Dunlap, now 28, published her first book, "Financial Feminist," already a New York Times bestseller. Getting good with money takes practice, and you might be on a learning curveGood money management doesn't come naturally to everyone. She considers herself lucky that her parents instilled good financial habits in her from a young age, but acknowledges that not everyone has the same foundation. Identifying your values makes all the differenceBefore setting your specific money goals, you need to understand your personal values, regardless of what everyone else is doing.

☆ 10 cities where home buyers actually have a chance of scoring an affordable home in 2023
▼ + stars: | 2023-01-15 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

Realtor.com has ranked the top places where homebuyers can still get a good deal in 2023. That wouldn't be surprising considering that US housing affordability fell to a 10-year low, the National Association of Home Builders announced in November. At a time where the typical home is priced near $400,000, a good indicator of a housing market's health is the balance between home sales and price growth. However, just because a city may be relatively affordable compared to others doesn't mean that it's the perfect fit for everyone. When buying a home it's also important to consider the cost of living, as well as access to jobs, schools, healthcare and food.

☆ First-time homebuyers are pretty much screwed in 2023
▼ + stars: | 2023-01-12 | by ( Alcynna Lloyd | Andy Kiersz | ) www.businessinsider.com time to read: +4 min

Starter homes are typically more affordable houses that are purchased by new home buyers. Their absence has made it difficult for many first-time buyers to afford homeownership. The stark indicator only illustrates that starter homes are vanishing from the US real-estate market. Starter homes are typically smaller, more affordable houses that are purchased by first-time buyers or those on a tight budget. With higher home prices, mortgage rates and property taxes, as well as a possible recession looming in 2023 — that could trigger mass job losses — the odds are stacked against many would-be first-time buyers.

☆ Wells Fargo, once the No. 1 player in mortgages, is stepping back from the housing market
▼ + stars: | 2023-01-10 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

watch nowWells Fargo is stepping back from the multi-trillion dollar market for U.S. mortgages amid regulatory pressure and the impact of higher interest rates. It's the latest, and perhaps most significant, strategic shift that CEO Charlie Scharf has undertaken since joining Wells Fargo in late 2019. Following those once-huge mortgage players in slimming down their operations has implications for the U.S. mortgage market. Today, Wells Fargo is the third biggest mortgage lender after Rocket and United Wholesale Mortgage. Wells Fargo employees have speculated for months about changes coming after Scharf telegraphed his intentions several times in the past year.

Conforming mortgage lenders will start using FICO 10T and VantageScore 4.0 scoring models to evaluate borrowers. These newer scoring models utilize alternative credit data, such as rent payment history, and use a trended data approach. But soon, lenders will be asked to start using two newer scoring models: the FICO 10T and the VantageScore 4.0. The FHFA describes these models as "more inclusive" than the FICO scoring models that lenders have been using for the last two decades. Currently, mortgage lenders pull credit reports from each of the three major credit bureaus and look at the scores on each of those reports.

☆ Millennials are now the 'roommate generation' after being squeezed out of homeownership by high housing costs, said Redfin CEO
▼ + stars: | 2023-01-09 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

Redfin CEO Glenn Kelman warns that millennials could become the 'roommate generation' due to high housing costs. Millennial homebuyers may find reprieve in the Midwest or quickly-deflating markets like Boise or Salt Lake City. "We have a whole group of Americans who can't afford homes, and that's happening right as Millennials are coming of homebuying age," Kelman said. One reason is that homes in these markets are typically selling for under their list price. Meanwhile, 59% of homes in Chicago are selling for under their asking price as of October 2022 compared to 45.5% of homes selling for under ask across the US.

☆ A financially independent millennial shares an overlooked risk for investors in 2023 that 'doesn't get talked about enough'
▼ + stars: | 2023-01-08 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

Self-made millionaire Grant Sabatier says investors need to pay more attention to climate change. He's also expanded his "view of investing," he said, and is preparing for an uncertain future — including climate change. "One of the things that doesn't get talked about enough is the climate risk for investors," said Sabatier, especially for real estate investors. Climate change increases the likelihood of severe storms, wildfires, floods, and hotter temperatures. Besides causing health and safety issues, the consequences of climate change could influence property values and homeownership costs in certain markets.

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