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☆ It's not just you: It's getting harder and harder to find cheap rent across the US
▼ + stars: | 2024-01-26 | by ( Eliza Relman | Juliana Kaplan | ) www.businessinsider.com time to read: +2 min

If you've been struggling to find a cheap rental, you're not alone: Low-rent apartments are harder to find than ever. And homes with rent between $600 and $799 fell from almost 9 million to 5.8 million units. Meanwhile, the number of homes that rent for at least $2,000 per month more than doubled, climbing from about 3.2 million to 7.3 million homes. This is just more evidence of the housing affordability crisis many cities and towns across the country are facing. Middle-income renters — those who make between $30,000 and $74,999 annually — saw the most dramatic increase in housing costs between 2019 and 2022.

Persons: you've, — Organizations: Service, Business, Harvard's, for Housing Studies, Harvard Locations: California

Average 30-year mortgage rates increased to 6.69% this week, according to Freddie Mac, a nine-point increase from the previous week's average. On a $250,000 mortgage, this would amount to a $1,798 monthly mortgage payment. 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. 30-Year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 6.69% last week, according to Freddie Mac. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, Fannie Mae Organizations: Zillow, Federal Reserve, Fed Locations: Chevron

"It's important to be an educated and prepared borrower," Bank of America's Matthew Vernon told Business Insider. Having strong credit and getting prequalified are important to your homebuying process, he said. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Home affordability is more than the mortgage payment. It's important to look into the true cost of homeownership for any home that you're interested in buying.

Persons: Bank of America's Matthew Vernon, —, Matthew Vernon, Vernon, You've Organizations: Bank of America's, Business, Service, Bank of America Locations: Vernon

☆ These 20 cities — including 9 with median home prices under $275,000 — offer young homebuyers the best chance of landing a property, according to Point2
▼ + stars: | 2024-01-24 | by ( William Edwards | ) www.businessinsider.com time to read: +1 min

Housing affordability is near its lowest levels in four decades as mortgage rates and home prices have skyrocketed relative to incomes. But according to Point2, an online real-estate marketplace, there are still areas where young buyers are finding deals. In building their ranking model, they considered factors like home price-to-income ratios, the local Gen Z unemployment rates, Gen Z homeownership rates, inventory, days on the market, and more. "Student loans and the rising cost of living means that Gen Z inherited the affordability concern from millennials," the report said. Below, we've listed the top 20 cities on Point2's index, along with their composite scores, local home price-to-income ratios, and Gen Z unemployment rates.

Persons: Gen Z, Z, We've Organizations: Business Locations: Redfin

☆ U.S. cities with the highest—and lowest—barriers to homeownership, according to a new report
▼ + stars: | 2024-01-23 | by ( Celia Fernandez | ) www.cnbc.com time to read: 1 min

Experts agree that buying a home can be a great way to build wealth, but achieving that goal can be challenging. In a January report, RealtyHop looked at the number of years it takes to save up for a down payment in the 100 most populated U.S. cities. RealtyHop collected the median household income from the U.S. Census Bureau, assumed that a household saves 20% of its annual gross income each year and then calculated the number of years it takes to save up for a down payment using 20% of the median asking price (the cost of a typical down payment) and the amount saved annually.

Persons: RealtyHop Organizations: U.S . Census Bureau Locations: U.S

☆ A millennial who moved from California to Virginia after her monthly rent increased by $1,500 says the reason her generation can't afford to buy homes is because everything is too expensive
▼ + stars: | 2024-01-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFor a few years, Nicole was living the California dream. Literally, we can't afford a $1,500 a month increase in rent," Nicole, who works in advocacy, said. Median gross rent in Richmond was $1,192 in 2022, per the Census Bureau's American Community Survey, compared to $2,251 in Orange County, California. "Groceries are more expensive, gas is more expensive, rent is more expensive.

Persons: Nicole, hasn't, —, they'd, homebuyers, Noah Sheidlower, she'd, she's, it's, they'll Organizations: Service, Terner Center, Housing Innovation, UC Berkeley, Survey Locations: California, Virginia, San Diego, Orange County, Florida , Arizona, Texas, Florida, Richmond , Virginia, Richmond, Orange County , California

☆ What broke the American Dream for Millennials
▼ + stars: | 2024-01-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +11 min

For their nine-month-old son, Miles, Rachael and Garrett agree: They’re not going to push him to pursue the same path. “This is the American Dream,” Rachael says. The nest egg mythA common refrain Millennials heard from their Boomer parents is that buying is always better than renting. Luke Sharrett/Bloomberg/Getty ImagesCentral to the pitch of the American Dream is a house. “I don’t think anyone could have foreseen house prices going up 20% or 30% in a three-year period,” Garrett says.

Persons: Pennsylvania CNN — Rachael Gambino, Garrett Mazzeo, —, Miles, Rachael, Garrett, They’re, ’ ”, ” Rachael, Kristen Gambino, Rachael Gambino, Deborah Brunswick, John General, America it’s, Brendan Duke, Baby, Millennials, gumming, Obama, ”, Louis, Boomer, Luke Sharrett, they’d, ” Garrett, they’re, homeownership, We’re, “ we’re, That’s, Duke, ” Duke, “, Camerota, Matthew Friedman Organizations: Pennsylvania CNN, “, CNN, Center for American Progress, of Education, America, Federal Reserve Bank of St, Bloomberg, Getty, Federal Reserve Bank of Philadelphia, Workers, Center, American Progress ’ Locations: Lansdale, Pennsylvania, America, United States, Attom, financials

☆ The housing market in 2023 saw its worst year of sales in 29 years
▼ + stars: | 2024-01-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Read previewThe housing market is coming off its weakest year of home sales since 1995, according to data out Friday from the National Association of Realtors. For the full 12 months, total existing home sales hit 4.09 million units, and sales were lower across all regions in the US year-over-year. Related stories"The latest month's sales look to be the bottom before inevitably turning higher in the new year," NAR economist Lawrence Yun said. AdvertisementTotal existing home sales, year-over-year. "Despite sluggish home sales, 85 million homeowning households enjoyed further gains in housing wealth," Yun said.

Persons: —, Lawrence Yun, Freddie Mac, Yun Organizations: Service, National Association of Realtors, Business, NAR Locations: homeownership

☆ Home sales in 2023 were the lowest in nearly 30 years, but prices still hit a record
▼ + stars: | 2024-01-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —The residential real estate market tumbled in 2023, as soaring interest rates steadily slowed sales activity — but home prices still hit a record high. Even with all the disruptions of the onset of the pandemic, sales in 2020 ended at about 5.5 million. The next year, sales soared to over 6 million amid the frenzied market as mortgage rates sank in 2021. As mortgage rates hit 7.79% in October 2023, the highest in 23 years, sales sank again, to about 4 million. If there had been more listings on the market in 2023, we would have had more home sales.”

Persons: Lawrence Yun, ”, Yun, Lisa Sturtevant Organizations: DC CNN, National Association of Realtors, “, ”, Federal Reserve Locations: Washington, homeownership, —

☆ I'm a 26-year-old HENRY. I'm in the top 1% of earners and a homeowner — I won't be happy until I'm completely financially free.
▼ + stars: | 2024-01-19 | by ( Ryan S. Gladwin | ) www.businessinsider.com time to read: +7 min

Working in the tech industry as a data analyst, Ruan purchased a £450,000 apartment in London. AdvertisementThis as-told-to essay is based on a transcribed conversation with Ben Ruan, a data analyst living in London. Job-hopping meant I could put a house deposit down by 26Ben Ruan's living room in his central London apartment Ben RuanWhenever I work at a company, I ask myself: Am I learning? AdvertisementThe kitchen in Ruan's London apartment. AdvertisementWhile I'm not rich yet, I believe I'll be where I want to be in five years.

Persons: Ben Ruan, Ruan, —, Ben Ruan's, I'm, Banks, Ben Ruan I, Spencer, Ben Ruan I'm, homeownership, I've, HENRY Organizations: Service, Business, Coventry University, Big Tech, JD, Mercedes, Benz, Asda, Aldi, Waitrose Locations: London, Snapchat, Wavemaker, Central London, Ruan's London

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. Despite easing mortgage rates, existing home sales fell 1% in December from the previous month to a seasonally adjusted annual rate of 3.78 million, the slowest sales pace since August 2010, the NAR said. Last month's sales pace is short of the roughly 3.83 million that economists were expecting, according to FactSet. “The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said Lawrence Yun, the NAR's chief economist. The national median home sales price rose 4.4% in December from a year earlier to $382,600, the NAR said.

Persons: Freddie Mac, ”, Lawrence Yun Organizations: ANGELES, The National Association of Realtors, NAR, Federal Reserve, Treasury Locations: U.S

Certified Financial Planner Chloe Moore says that there are three common mistakes she sees people make that leave them cash-strapped and under financial strain. "You have to look at more than just the monthly payment," Moore states. Don't create another bill for yourself that will take money away from saving and other expenses," Moore states. Check your everyday spending at the grocery store and on monthly expenses like utilities and gas. I can bet that it's to those everyday expenses that have increased over time," Moore says.

Persons: Chloe Moore, Moore Organizations: Business, Finance

☆ Gen Z and millennials are feeling a little more confident that they can buy a house
▼ + stars: | 2024-01-18 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

The latest household spending survey shows Americans are feeling the impact of cooling inflation. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . That also tracks with rising and falling mortgage rates; in early 2021, younger Americans were especially eager to snatch up mortgages as rates remained near historic lows. And as boomers downsize, and their massive housing stock becomes available, it looks like Gen Z might be the ones in line to buy them up — not millennials.

Persons: —, they're, it's, they'd, they'll, Gen Zers, Gen Xers, downsize Organizations: Service, Federal Reserve Bank of New Locations: Federal Reserve Bank of New York

☆ Most people buying homes get screwed into spending thousands on a tedious fee. That may be about to change.
▼ + stars: | 2024-01-18 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

An alternative to title insurance called an attorney-opinion letter might help buyers save money. Title insurance, which is required to close on most properties in the US, can cost hundreds or thousands of dollars. The savings from using attorney-opinion letters could help Americans facing high prices and high borrowing costs better afford homeownership. Some say title insurance is obsolete, since modern technology has improved access to public records essential for confirming a home's title or owner. "It's been clear for years that something is seriously wrong with title insurance," Schwartz wrote in 2022.

Persons: —, Insider's Mattathias Schwartz, Fannie Mae, Schwartz, Homebuyers, Forbes Organizations: Service, Street, Mortgage, Iowa, The New York Times Locations: Philadelphia, Midwest

☆ 24-year-olds are more likely to own homes than millennials and Gen X when they were that age
▼ + stars: | 2024-01-18 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

A higher percentage of 24-year-olds own a home than when Gen X and millennials were the same age. Gen Z still had the lowest overall homeownership rate of adults in 2023, Redfin reports. At that age, only 24.5% of millennials and 23.5% of Gen X owned a home, according to Redfin. But, Gen Z is primed to come out on top in the years to come. AdvertisementAs boomers die or move into assisted living facilities, a market shift will coincide with older Gen Z's best buying years.

Persons: Gen X, Gen Z, Millennials, —, Gen, didn't, Xers, X, Redfin, millennials, boomers, Z's, GoDaddy Organizations: Service Locations: homeownership

☆ As a young person, how do you feel about the US housing market and your plans for the future?
▼ + stars: | 2024-01-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —Americans are living through one of the toughest housing markets in recent memory. Home prices are rising faster than wages, mortgage rates are still hovering near 23-year highs and many Boomers across the country are refusing to sell their homes. The National Association of Realtors’ affordability index — which takes into account mortgage rates, family incomes and home prices — has been hovering near decades-lows. Homeownership is arguably a key part of the so-called American Dream, but for young people, it might be just that — a dream. We’d like to know how Americans younger than 31 are planning for their future given that it has become so unaffordable to own a home nowadays.

Organizations: DC CNN, Boomers, National Association of Realtors Locations: Washington

☆ Mortgage demand surges more than 10% as lower interest rates lure homebuyers
▼ + stars: | 2024-01-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

(Photo by ROBERTO SCHMIDT / AFP) (Photo by ROBERTO SCHMIDT/AFP via Getty Images)Another drop in mortgage interest rates caused a run on loans last week. Mortgage rates were about half a percentage point (52 basis points higher) one year ago. Nakita Bell, who is currently renting in Detroit, said the recent drop in rates prompted her to consider buying. Lower rates are also giving some current homeowners an opportunity to save money. While the vast majority of current borrowers have rates lower than those offered today, the recent drop is still having some effect on those whose loans carry higher rates.

Persons: Homeownership, Joe Biden, ROBERTO SCHMIDT, Joel Kan, Nakita Bell, I'm Organizations: AFP, Getty, Mortgage Locations: Clarksburg , Maryland, Detroit

☆ Boomers won’t part with their homes, and that’s a problem for young families
▼ + stars: | 2024-01-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

As a result, empty-nest Baby Boomers own 28% of large homes — and Milliennials with kids own just 14%, according to a Redfin analysis released Tuesday. Ten years ago young families were just as likely as empty nesters to own large homes. But even then empty nest Baby Boomers had the most large homes. Where Millennials own the most larger homesYoung families take up the smallest share of large homes in coastal areas like California and Florida, where large homes tend to be more expensive. Empty nesters own at least 20% of large homes everywhere in the country.

Persons: Baby, Gen, ”, Sheharyar Bokhari, Zers, Millennials, Gen Xers, “, Boomers Organizations: DC CNN, Baby Boomers, Boomers, CNN, ICE Mortgage Technology Locations: Washington, doesn’t, U.S, California, Florida, Midwest, Riverside , California, Salt Lake City, Austin , Texas

Last year, it seemed like rates would never stop climbing, with 30-year mortgage rates reaching a more than two-decade high in October 2023. The latest housing market predictions for 2024 see home prices rising this year as lower mortgage rates drive an increase in homebuying demand. High mortgage rates have kept a lot of would-be buyers out of the market over the past couple of years. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: you'll, Freddie Mac, they've, it's Organizations: Zillow, Federal Reserve Locations: Chevron

☆ Meet a millennial who moved from California to New Mexico after cycling through 35 roommates and a tiny home in the Bay Area
▼ + stars: | 2024-01-14 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +7 min

High housing costs in the Bay Area meant a tiny home with mold and a revolving door of roommates. AdvertisementFor Julia, 39, the straw that broke the camel's back was when she found out her tiny house was moldy. During her time in the Golden State, she went through what's come to characterize the millennial housing experience. AdvertisementRight before the pandemic, Julia felt ready to leave the city; she moved into a 250-square-foot tiny house in a former garage outside of San Francisco. "Here we were in a situation where all we could afford was a moldy tiny house that was making us sick.

Persons: Julia, —, it's, She's, we're Organizations: Service, Golden State, Business, millennials, Terner Center, Housing Innovation, UC Berkeley, Survey Locations: California, New Mexico, Bay, Golden, San Francisco, Santa Fe , New Mexico, pricier Santa Fe County

☆ People are buying cheap, abandoned homes in Japan and living their dreams free of financial burden
▼ + stars: | 2024-01-14 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

Japan has more than 8 million abandoned homes, with no restrictions on foreign buyers. Homeownership in Japan isn't the same path to financial freedom as in other countries. AdvertisementTake Kurosawa spent summers in Japan as a kid, and always dreamed of owning property there. In January, Kurosawa and Stockermans launched Akiyamart , a website to help foreigners find and purchase abandoned homes in Japan. It's a money-maker that has worked in the US but isn't necessarily a surefire way to generate income in Japan.

Persons: —, Kurosawa, Joey Stockermans, Stockermans, It's, Eric McAskill, McAskill, Jaya Thursfield, Chihiro, Eric McAskill Anton Wormann, Bethany, Bitsii, Nakamura, homeownership, Bethany Nakamura, Jordan Pandy Organizations: Foreigners, Service, Survey, Business Locations: Japan, Homeownership, Beppu, Kyushu, Santa Cruz , California, Nova Scotia, Canada, Italy, Portugal, —, California, Bali, Nagano Prefecture, Jaya, Ibaraki Prefecture, London, America, jpandy@businessinsider.com

☆ Senators call on federal regulators to review Navy Federal mortgage disparities, citing CNN investigation
▼ + stars: | 2024-01-11 | by ( Casey Tolan | Rene Marsh | ) edition.cnn.com time to read: +6 min

In a letter to the Department of Housing and Urban Development and the Consumer Financial Protection Bureau, ten Democratic U.S. senators asked the regulators to investigate Navy Federal Credit Union’s mortgage lending for compliance with federal anti-discrimination laws. The credit union, which has more than 13 million members, lends to military servicemembers, defense personnel, veterans, and their families. “Navy Federal’s members have made countless sacrifices in their service to our country,” the senators wrote in the letter. The credit union declined to provide CNN any additional data that would make it possible to analyze those factors. Navy Federal has not yet responded to the lawsuits in court.

Persons: Sen, Sherrod Brown, Ron Wyden, Mary McDuffie, Emanuel Cleaver, Steven Horsford, Hakeem Jeffries, ”, Maxine Waters, Ben Crump – Organizations: CNN, Department of Housing, Urban Development, Consumer Financial Protection, Democratic U.S, Navy, Credit, Banking, Finance, Congressional Black Caucus, Federal, “, Navy Federal, Financial Services Locations: Ohio, Oregon, “ Navy, Virginia

☆ A millennial couple who moved from Baltimore to Florida explain why they bought a $65,000 mobile home as their starter house
▼ + stars: | 2024-01-10 | by ( Eliza Relman | ) www.businessinsider.com time to read: +6 min

Mobile homes — a type of manufactured house — are a more affordable option for many. Jess Carpenter and her family are living in and renovating their mobile home in Sarasota, Florida. Housing advocates want to get rid of many regulations that bar manufactured homes from communities. AdvertisementJess Carpenter and her husband had never considered living in a mobile home when they moved from Baltimore to Florida in April 2022. In many states, mobile homes are categorized like cars or boats and don't qualify for home mortgages.

Persons: Jess Carpenter, —, Carpenter, Ringling, They've, Andrew Justus, Biden Organizations: Housing, Service, Carpenters, Sarasota, Sunshine State, Niskanen, of Housing, Urban Locations: Sarasota , Florida, Baltimore, Florida, Sarasota, Levittown

☆ Some Gen Zers can't believe a $74,000 salary is considered 'middle class'
▼ + stars: | 2024-01-05 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +3 min

A recent Newsweek survey indicated Gen Zers didn't consider a $74,580 salary "middle class." AdvertisementAn Orlando real-estate agent sparked a conversation on TikTok after sharing a survey that suggested Gen Zers didn't consider a $74,580 annual salary "middle class," in contrast with how older generations answered. Even still, Smith suggested $74,000 was much higher than the average Gen Zers' salary. AdvertisementCorrection: January 4, 2024 — An earlier version of this story misidentified the salary in the Newsweek survey. The figure, which applied mostly to millennials, not Gen Zers, was removed from the story.

Persons: Zers didn't, —, Gen Zers didn't, Freddie Smith, Gen, Gen Xers, boomers, Smith, Zers, TikTok Organizations: Newsweek, Service, Census Bureau Locations: midsize

☆ I regretted buying a home and now live out of 2 suitcases in a $60-a-night Airbnb. I've finally found my freedom, but it's not for everyone.
▼ + stars: | 2024-01-04 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

I had to resort to an iBuyer to sell the house quickly and get out, which meant I lost $100,000. There's an account called Living Big in a Tiny House that I always found fascinating. I always just thought, "That's a nice idea, but I'm not really into the RV lifestyle." I'm staying here for 30 days, and then I have another Airbnb lined up on the west side of Los Angeles. If you're someone who's able to work remotely and who loves freedom, I think this is really the way to go.

Persons: Stella Guan, Guan, —, I've, I'd, I'm, it'll, hasn't, It's Organizations: Service Locations: Los Angeles, LA, Washington, New York City, Europe, Asia, Balkans, Albania, Serbia, Bosnia, Montenegro

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