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☆ If you are waiting to buy an affordable home when rates drop, you're out of luck
▼ + stars: | 2024-02-17 | by ( Allie Kelly | ) www.businessinsider.com time to read: +3 min

Read previewInterest rates could drop by summer, according to Federal Reserve forecasts, but buyers shouldn't expect homes to become more affordable. For prospective homebuyers, the cuts could be a path toward relief from skyrocketing mortgage rates. 30-year fixed mortgage rates are now sitting just above 6.6%, which translates to around $2,800 in average monthly payments nationwide. "Mortgage rates have come down a bit in anticipation of lower rates." Steep interest rates in recent years have made homeowners less likely to sell, contributing to a housing shortage in many cities.

Persons: —, Jerome Powell, Gen Zers, Louis Fed Organizations: Service, Reserve, Business, Economics Locations: New York, Chicago, Seattle, San Francisco, San Jose, Boston

☆ A man who has lived in a New York City hotel rent-free for 5 years may finally have to move out
▼ + stars: | 2024-02-17 | by ( Kenneth Niemeyer | Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

Read previewA New Yorker successfully lived in the iconic New Yorker Hotel building for half a decade without paying a single cent in rent — but the jig is up. Police arrested Mickey Barreto last week and charged him with filing fraudulent property records after attempting to claim homeownership of the hotel, according to the Manhattan District Attorney's Office. For the Manhattan district attorney, it was the last straw. Advertisement“As alleged, Mickey Barreto repeatedly and fraudulently claimed ownership of one of the City’s most iconic landmarks, the New Yorker Hotel,” Alvin Bragg, Manhattan district attorney said in a statement. Business Insider reached out to Barreto through his company, Mickey Barreto Missions, but didn’t hear back before publication.

Persons: —, Mickey Barreto, Prosecutors, Barreto, Alvin Bragg, Barretto couldn't, ” Barreto Organizations: Service, Yorker, New Yorker, Police, Manhattan, Attorney's, Business, New York, Holy Spirit Association, DA, New York City Department of Environmental, Unification Church, Mickey Barreto Missions, Associated Press Locations: Manhattan, New

Many financial experts say you need $1.2 million or more to retire comfortably and for your retirement savings to last. But does that number include your home and home maintenance, insurance, dental work, and potential unexpected expenses? Future expenses can be hard to predict, but here are 3 steps you can take to avoid surprises when you plan to retire:Advertisement1. And don't forget about dental work. Dental work can be really expensive and dental insurance doesn’t cover nearly enough.

Organizations: Service, Business, Research

☆ 39-year-old millionaire who rents: Why I'm 'so much happier' not being a homeowner
▼ + stars: | 2024-02-14 | by ( Bernadette Joy | ) www.cnbc.com time to read: +3 min

Growing up in New York as the eighth of nine kids, my immigrant parents had big homeowner dreams for me. Over the course of a decade, we bought and sold three properties: our first home, a four-bedroom house, and a two-bedroom condo. Here's why I'm so much happier now and don't regret leaving homeownership behind. At my rental, I can easily stroll to restaurants and parks, and I'm a five-minute drive to theaters, museums and galleries. I'm glad we didn't settle for something we didn't like as much, just to say we're homeowners.

Persons: We've Locations: New York, Charlotte , North Carolina, Charlotte

☆ Home Prices May Be Sky-High, but America Is Not in a Housing Bubble
▼ + stars: | 2024-02-14 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

The housing market, they claimed, was a bubble destined to burst. I’ve spent the past few years asking experts a simple question: Has the housing market reached bubble territory? AdvertisementFor a time, it seemed like the housing market was doing a speedrun through Simonsen’s checklist. And even if the economy does take a turn, a run-of-the-mill recession probably wouldn’t be enough to topple the housing market. The housing market is far from balanced, but we’re at least heading in that direction.

Persons: doomsayers, I’ve, Redfin, you’ve, you’ll, Mike Simonsen, megalandlords, ”, Ian Shepherdson, Goldman Sachs, Jerome Powell, Powell, Rick Palacios Jr, John Burns, ” doomsayers, might’ve, It’s, it’s, Logan Mohtashami, don’t, US homebuilders, “ It’s, ” Mohtashami, Selma Hepp, Fannie Mae, Palacios, ” Palacios, Mohtashami Organizations: Altos Research, Wall, John, John Burns Research, Consulting, Mortgage Bankers Association, Federal Reserve Bank of New, Federal Housing Finance Agency Locations: Charlotte, North Carolina, Austin, Las Vegas, Miami, Boise , Idaho, Dallas, Federal Reserve Bank of New York, US

☆ Black Americans still face 'disproportionately steep hurdles' to homeownership, expert says
▼ + stars: | 2024-02-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Homeownership is out of reach for many Americans — especially for Black Americans. In the country's largest metropolitan areas, Black people own a disproportionately small share of homes relative to population size, according to a new report from LendingTree. In 2022, Black people made up an average of 14.99% of the population across the 50 largest metropolitan areas of the U.S., but owned an average of 10.15% of owner-occupied homes in such places, the report found. "Relatively speaking, Black people don't own that many homes," said Jacob Channel, a senior economist at LendingTree who authored the study. The study ranks the nation's 50 largest metropolitan statistical areas by the difference between the percentage of owner-occupied homes in a metro owned by those who identify as Black and the share of an area's population that identifies as Black.

Persons: Homeownership, Jacob Channel, LendingTree Organizations: Black, Finance, IRS, Survey Locations: LendingTree, U.S, Memphis , Tennessee

☆ Why Reparations For Slavery Are Long Overdue - The New York Times
▼ + stars: | 2024-02-13 | by ( Maura Cheeks | ) www.nytimes.com time to read: +3 min

In my debut novel, a family retraces their lineage in order to be eligible for the nation’s first federal reparations program for Black Americans. The idea that the United States could ever collectively support a national reparations policy for Black people seemed, well, the stuff of fiction. Since then, reparations task forces and commissions have been created in California, Illinois, New York and Pennsylvania. To address systemic inequalities rooted in federal law, a federal reparations policy is required. I decided to write about reparations after researching the racial wealth gap, the statistics of which continue to paint a picture of widespread systemic failure.

Persons: Jim Crow Organizations: Black Americans, Consumer Finances, National Association of Realtors, White Americans, White Locations: Evanston, Ill, United States, California , Illinois, New York, Pennsylvania, State

Low-income mortgage borrowers could get a $2,500 homebuyer credit through Fannie Mae or Freddie Mac. Major mortgage investors Fannie Mae and Freddie Mac are temporarily offering a $2,500 credit to very low-income homebuyers to help offset their down payment and closing costs. The Fannie Mae credit is available through the company's HomeReady program, while people can get the Freddie Mac credit through its Home Possible program. Both Fannie Mae and Freddie Mac have tools that let you see the area median income in a given location. How the $2,500 credit worksIf you qualify for this credit, you'll get the $2,500 through your lender, which Fannie Mae or Freddie Mac later reimburses the lender when your loan is sold.

Persons: Fannie Mae, Freddie Mac, —, Freddie, Fannie Mae's, Freddie Mac's, it's, you'll, Fannie, Eileen Tu, Cyndi Danko, You'll Organizations: Service, Rocket Mortgage, National Council of State, Agencies

☆ Opinion: How to solve the nation’s affordable housing crisis
▼ + stars: | 2024-02-12 | by ( Opinion Jim Parrott | Mark Zandi | ) edition.cnn.com time to read: +7 min

Not only has that made mortgages much more expensive, it’s exacerbated the long-standing shortage in housing supply, particularly at the lower-priced part of the market. The market machinery that cranks out housing supply at the bottom of the market has effectively ground to a halt. But falling rates will not solve the underlying structural problems that caused the housing shortfall in the first place. Once rates normalize, housing affordability will simply return to where we were prior to the pandemic, going from dismal to just bad. Lawmakers should complement this support to increase the supply of housing with targeted help for those looking to buy their first home.

Persons: Jim Parrott, Parrott Ryan, Mark Zandi, Jim Parrott Ella Parrott, Mark Zandi Moody's, it’s Organizations: Urban Institute, Moody’s, CNN, National Association of Realtors, Congress

☆ Spring homebuying and selling season just kicked off. Are you ready?
▼ + stars: | 2024-02-11 | by ( Anna Bahney | ) edition.cnn.com time to read: +9 min

So if you’re planning to be in the market this year, here’s what to expect this spring — and how to be ready to pounce. Don’t wait for better prices or ratesLast year was the least affordable housing market since the 1980’s as mortgage rates spiked to 23-year highs at the end of October. But a slightly brighter season is dawning this spring. This spring is offering a bit of rate and price stability said Betty Jans, an Annapolis, Maryland-based real estate agent. “If you wait, and all of the sudden we have a little dip in rates, you’re going to be competing with everyone else that wants to buy then, too,” Jans said.

Persons: it’s, Fannie Mae, Betty Jans, Tiffany Hagler, homebuyers, ”, Jans, Berkshire Hathaway, PenFed, ” Jans, “, Mike Mravca, Mravca, ” Mravca, “ I’ve, Hillary Nash, Nash, “ It’s, you’re Organizations: Washington CNN, NFL, Super, Geard, Bloomberg, Getty, Berkshire, Taylor Properties, NAR, District of Columbia, of Housing, Urban Development, National Housing Conference Locations: Annapolis , Maryland, Larchmont , New York, Virginia , Maryland, Delaware, Washington, Washington , DC, Maryland, Virginia

☆ It seems like everyone you know is moving. But our grandparents' generation actually did it much more.
▼ + stars: | 2024-02-10 | by ( Erin Snodgrass | Alcynna Lloyd | ) www.businessinsider.com time to read: +9 min

But while overall migration is down, state-to-state moves are slowly on the rise again. Nearly 20% of all Americans moved each year from the mid-1940s through the 1960s, according to census data . The Great Recession in 2008 hobbled the economy and slowed migration, sending the overall rate to 11 or 12%, according to census data. Getty ImagesLong-distance moves are on the upWhile the overall migration rate is low, big moves are slowly on the rise. Younger people are more likely to make big moves, according to census data.

Persons: —, James Gregory, Gregory, Gregory said, Jim Crow, Gregory . Migration, deindustrialization, Brookings, Matthew, he’s, Rose Kemp, millennials, Florida ., X, Zers, Marie Bailey, Dallas, ” Bailey Organizations: Service, University of Washington, Gregory ., Brookings Institution, Golden State, realtors, Community Survey, Realtors, Business, Matthew Bank, ” Bank, Orlando Regional Realtor Association, Survey, University of Minnesota's Locations: Texas, New York, California, Florida, Detroit, California , Oregon, Washington, Midwest, nonresponse, Golden State for Texas, Georgia, X . Texas, migrators, millennials, homeownership

☆ Why millennials' retirement outlook may be worse than older generations
▼ + stars: | 2024-02-09 | by ( Greg Iacurci | ) www.cnbc.com time to read: +9 min

'Deteriorating' retirement outlookAbout 38% of early millennials (those born in the 1980s) will have "inadequate" retirement income at age 70, according to projections from a 2022 Urban Institute study. watch now"We do see the retirement outlook deteriorating for future generations," including millennials, said Richard Johnson, director of Urban's retirement policy program and co-author of the report. Millennials' student loans dent their net worthA 2021 paper by the Center for Retirement Research at Boston College had similar findings. Meanwhile, the last major Social Security overhaul, in 1983, gradually raised the program's "full retirement age" to 67 years old. That will make it easier to save for retirement, according to a Brookings Institution report.

Persons: Jamie Grill, Craig Copeland, Gen X, Xers, Richard Johnson, Johnson, aren't, Millennials, Gen Xers, CRR, X, EBRI, Anqi Chen, Copeland, millennials, they're, William Gale, Hilary Gelfond, Jason Fichtner, there's, Sean Deviney, Deviney Organizations: Social Security, Research Institute, Urban, Center for Retirement Research, Boston College, Research, Transamerica Center, Retirement Studies, Finance, IRA, Pensions, Social, Center, Budget, Brookings Institution, Vanguard Group Locations: U.S, Fort Lauderdale , Florida

☆ Single women who live alone are more likely to own a home than single men in 47 of 50 states, new study shows
▼ + stars: | 2024-02-08 | by ( Celia Fernandez | ) www.cnbc.com time to read: +4 min

A January LendingTree report found that single women who live by themselves are more likely than single men who live by themselves to own a home in 47 of 50 U.S. states. The study also found that single women own 2.71 million more homes than single men, or an average of 12.93% of homes across the 50 states versus 10.22%. 15.34% of owner-occupied households in the state are owned by single women, while the share of households owned by single men is 9.45%. Delaware has the largest share of single women homeowners, according to a recent LendingTree report. Households owned and occupied by single men is 12.74% while its 10.66% for single women.

Persons: LendingTree, Brandon Rosenblum, Zillow Organizations: U.S . Census, U.S ., Survey, Delaware Delaware, Istock, Getty, Chemical, U.S . News, Delaware, Delaware Louisiana Mississippi Alabama Florida New Mexico South Carolina West Virginia Maryland Illinois Louisiana, Images, New Mexico New, New, Los Alamos National Laboratories and Trinity, New Mexico North Dakota Alaska South Dakota Wyoming, New Mexico North Dakota Alaska South Dakota Wyoming West Virginia Montana Michigan Iowa Ohio, Halbergman Locations: U.S, Delaware, LendingTree, Zillow . Delaware, Delaware Louisiana Mississippi Alabama Florida New Mexico South Carolina West Virginia, Louisiana, Zillow . Louisiana, Images Louisiana, New Mexico, New Mexico New Mexico, Mexico, New Mexico North Dakota Alaska South Dakota, New Mexico North Dakota Alaska South Dakota Wyoming West Virginia Montana Michigan Iowa, New Mexico North Dakota Alaska South Dakota Wyoming West Virginia Montana Michigan Iowa Ohio North Dakota, North Dakota, Zillow . North Dakota

☆ Americans are feeling the most optimistic about the mortgage market since the Fed started hiking rates
▼ + stars: | 2024-02-07 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

A Fannie Mae survey released Wednesday found that optimism around mortgage rates has hit a two-year high. "Mortgage rate optimism increased markedly again in January, with a survey-high percentage of consumers anticipating mortgage rate declines over the next year," Doug Duncan, Fannie Mae's chief economist, said. The slide arrives as the Fed mulls cutting interest rates in 2024 as inflation continues to decline. A previous report showed that Fannie Mae now expects mortgage rates to dip below 6% this year, a revision of their earlier forecast. According to Fannie Mae, 82% of consumers indicated in January that they are not concerned about losing their job in the next year, up from 75% last month.

Persons: —, Fannie Mae, Doug Duncan, Fannie Mae's, Freddie Mac, it's, Duncan, Fannie Organizations: Service, Federal Reserve, Business Locations: Fannie Mae's

☆ DINKs, Couples With No Kids, Are Living the New American Dream
▼ + stars: | 2024-02-07 | by ( Juliana Kaplan | Bartie Scott | ) www.businessinsider.com time to read: +12 min

DINKs are proudly emerging as an aspirational class for young people — and they're ready to live it up. So when she set up her dating profile, Johnson included in her bio that she didn't want to have kids of her own. Amy Blackstone, the author of the 2019 book " Childfree by Choice ," said that the financial gap between DINKs and couples with kids wasn't solely because of the choice about children. DINKs, GINKs, " rich aunties ," and DINKWADs — DINKs with a dog — have become aspirational identities for younger generations. There are the DINKs who can seize the American dream and the parents who are struggling to stay afloat in a country without guaranteed paid leave or affordable childcare .

Persons: Elizabeth Johnson, Johnson, DINK, DINKs, they've, there's, Amy Blackstone, it's, Alex Killingsworth, Killingsworth, Marcia Drut, Davis, Drut, Blackstone, she'd, Gen Z, That's, X didn't, Zachary P, Neal, Jennifer Watling Neal, millennials —, I've, Marcia, she's Organizations: of, Johnsons, Minneapolis townhome, Federal, Consumer Finances, Broadway Locations: Florida, Swiss, Hawaii, Oregon, Canada, Alaska, Dominican Republic, of America, Minneapolis, Texas, New York, Michigan, Drut

Despite mortgage rates hovering around 6%, homeownership is still a top priority for many Americans. Matt Vernon, head of consumer lending at Bank of America, says prospective homebuyers shouldn't try to time the market. Despite this, many prospective homebuyers are ready to act. According to Matt Vernon, head of consumer lending states at Bank of America, it's not worth waiting for rates to drop if you're otherwise ready to buy. For instance, approximately one-third of prospective homebuyers would consider starting an online store to sell handcrafted pieces (34%) or selling some of their belongings (31%) to save for a home.

Persons: Matt Vernon, shouldn't, —, it's, homeownership, Homeownership, Vernon, they'd, today's Organizations: Bank of America, Service, Finance

☆ Single HENRYs are fleeing West Coast cities like San Francisco and Los Angeles for the Sunbelt, study finds
▼ + stars: | 2024-02-06 | by ( Eliza Relman | Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

These movers are disproportionately higher-income, a new Bank of America report found. Las Vegas and Phoenix are the only Western cities Bank of America analyzed that had population increases compared to first quarter 2020. Housing costs are a major reason people are leaving West Coast cities for the Sunbelt. But many Sunbelt cities have more permissive land-use and zoning regulations than their coastal counterparts, meaning they're often better equipped to keep up with rising demand by building more homes. Both West Coast and Sunbelt cities that aggressively restrict housing construction will likely continue to face affordability crises.

Persons: — Organizations: Coasters, Bank of America, Service, Bank of, Jacksonville, Las, metros Locations: Southwestern, West Coast, San Francisco, Los Angeles, Las Vegas, Florida, Georgia, Texas, Austin, San Antonio, Francisco, Seattle, Portland, San Diego, Phoenix, Miami, Orlando, Tampa, South, West

☆ I bought a bigger house, and the buyer's remorse hurts. My family didn't need it, but I still think it'll be worth it.
▼ + stars: | 2024-02-02 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +9 min

I didn't want to buy the house in 2024 because I think bidding wars are going to return — because mortgage rates will come down. I don't think about it as trying to make a profit anymore. You want to save as much as possible, invest as much as possible, which creates a more lean and frugal lifestyle so you can retire early. But do you really want to live a lean lifestyle — and then retire early to a very lean and frugal lifestyle? Rental properties were what gave me the courage to retire early, along with negotiating a severance package in 2012.

Persons: —, Sam Dogen, It's, Dogen, I've, I'm, it's, you've Organizations: Service, Business, San Locations: San Francisco

☆ The global cities with the best quality of life show how dire the affordability crisis is
▼ + stars: | 2024-02-01 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

AdvertisementLiving in a global city with a high quality of life is increasingly reserved for the wealthiest. The world's most liveable cities — for the wealthyThe rising cost of housing, food, and other household goods is helping worsen the affordability crisis in these cities. Vienna, for example, has kept housing costs remarkably low through its generous social housing system. The average studio apartment in Zurich costs $1.1 million and the average home across the country costs $1.4 million, the Times reported. Like in many American cities, a severe housing shortage in cities like Zurich and Geneva is also contributing to rising home costs.

Persons: —, EIU Organizations: Service, Economist's Intelligence, The New York Times, Times, Swiss Locations: Zurich, Copenhagen, Vienna, Austria Copenhagen, Denmark Melbourne, Australia Sydney, Australia Vancouver, Canada Zurich, Switzerland Geneva, Switzerland, Calgary, Canada, —, Geneva, Singapore, New York, Hong Kong Los Angeles Paris, France Copenhagen, Tel Aviv, Israel, Vancouver, Sydney, Paris

☆ Self-made millionaire says choosing to rent instead of buying a home is 'one of the best financial decisions I ever made'
▼ + stars: | 2024-01-31 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

"One of the best financial decisions I ever made was not buying property," the 29-year-old tells CNBC Make It. That said, the author of the New York Times bestseller "Financial Feminist" almost bought a home in Seattle in her early 20s. "I was actually a day from closing on a condominium" near Seattle, says Dunlap. "I was 22 and trying to figure out my career and what my life looked like," she says. Rather than tying up much of her wealth into a single property, she grows those funds in diversified investments instead.

Persons: Tori Dunlap, Dunlap Organizations: CNBC, New York Times Locations: Seattle

☆ Elizabeth Warren rips Fed for fueling affordability crisis in housing, calls for rate cuts
▼ + stars: | 2024-01-29 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —America has a housing affordability crisis and Elizabeth Warren blames Jerome Powell and his colleagues at the Federal Reserve. To fight inflation, the Fed spiked interest rates at the fastest pace since the early 1980s. However, the Fed’s war on inflation set off shockwaves in the housing market. The one-two punch of elevated borrowing costs and record-high home prices has made the housing market historically unaffordable. “High interest rates have aggravated the country’s crisis of housing access and affordability,” the Senate Democrats wrote.

Persons: Elizabeth Warren, Jerome Powell, Powell, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, Freddie Mac, “, Tom Barkin didn’t, ” Organizations: New, New York CNN, Federal Reserve, CNN, Democratic, Democrats, Fed, National Association of Home Builders, Mortgage Bankers Association, National Association of Realtors, Richmond Fed Locations: New York, America, White

☆ I'm poly and live with my husband and boyfriend. We make $155,000 combined and can finally buy a house.
▼ + stars: | 2024-01-29 | by ( Jennifer Martin | ) www.businessinsider.com time to read: +6 min

I'm a millennial, which means I, like so many in my generation, have had a rough time financially. AdvertisementTo be clear, Ty and Daniel don't date; we're not a throuple. I date both men separately, and they don't date each other. Since he's not their legal guardian and I'm not his legal spouse, shared finances over a long period would help in court. But putting Daniel and Ty on a loan together is another way to ensure we're connected legally and financially.

Persons: —, I'm, homeownership, Daniel, polyamory, We'd, Ty, Daniel don't, we're, We're what's, he's, Jared Soares, haven't, we've, It's, who's Organizations: Service, Business, Finances, BI

☆ A conservative fix for the housing crisis is making homes cheaper and more abundant in Texas
▼ + stars: | 2024-01-29 | by ( Eliza Relman | ) www.businessinsider.com time to read: +7 min

But unlike its coastal counterparts, Houston's homes are much cheaper and more abundant. Advertisement"It's really a way to limit housing construction," said Emily Hamilton, a housing researcher at the Mercatus Center at George Mason University. She added that minimum lot sizes maintain "a homogenous type of housing construction with often a high floor on how expensive it has to be." The policy change has spurred the construction of almost 80,000 new homes, many of them townhouses and other kinds of small-lot single-family homes. But the massive success of Houston's minimum lot size reform is getting noticed across Texas and around the country.

Persons: —, Emily Hamilton, Joseph Gyourko, Sean McCulloch, Hamilton, It's, it's, Nolan Gray, Freund, Brett Coomer, We're, Gray, Salim Furth Organizations: Service, Space, Business, George Mason University, California, Freund St, Houston Locations: Houston , Texas, New York City, San Francisco, Houston, walkable, Texas, Austin , Texas, Auburn , Maine, Helena , Montana, Arizona , Massachusetts, New York

Though mortgage rates have ticked up a little bit in recent weeks, they're still well below the peaks reached in fall 2023, when 30-year mortgage rates neared 8%. Most major forecasts call for mortgage rates to go down further this year, which should help even more hopeful buyers afford homeownership. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThis week's average 30-year fixed mortgage rate is 6.69%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched down to 5.96% last week, according to Freddie Mac data.

Persons: they're, Lawrence Yun, you'll, Freddie Mac, it's, they've Organizations: National Association of Realtors, Zillow, Federal Reserve Locations: Chevron

☆ More Tenants Can Now Add Rent Payments to Their Credit Score
▼ + stars: | 2024-01-26 | by ( Ann Carrns | ) www.nytimes.com time to read: +2 min

As it stands, few landlords routinely report rent payments to credit bureaus. (Negative rent information can end up in credit files if a landlord reports delinquent accounts or sends them to a collection agency.) But in recent years, policymakers have been exploring whether consumers can benefit from having on-time rent payments included in credit scores, just as payments for mortgages, car loans and credit cards are. Reporting on-time rent payments is viewed as a way to reduce disparities in homeownership. TransUnion has been able to include rent payments in its credit reports since 2016 and has seen increasing interest from property managers, said Maitri Johnson, vice president of tenant and employment screening at the credit bureau.

Persons: isn’t, Fannie Mae, TransUnion, Maitri Johnson, Johnson Organizations: Self Financial, Urban Institute Locations: homeownership

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