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☆ Who will build new homes in Trump’s America?
▼ + stars: | 2024-11-19 | by ( Samantha Delouya | Julia Vargas Jones | ) edition.cnn.com time to read: +9 min

Trump has said that undocumented immigrants share the blame for America’s once-in-a-generation home affordability crisis, but the president-elect’s deportation plans may backfire, driving up the cost of homebuying even further. There is a need for more construction workers, as well: There were 282,000 construction jobs open as of September, according to the Bureau of Labor Statistics. “Immigrant labor is really important for our ability to continue to build homes affordably,” said Tobin. More than one-third of construction workers in the labor force are foreign-born, according to the US Census Bureau’s 2023 American Community Survey. In some states, that share is much higher: In California, New Jersey and Texas, more than half of construction workers are immigrants.

Persons: CNN — Duewight Garcia overstayed, Garcia, ” Garcia, Donald Trump’s, Trump, America’s, Riordan Frost, Frost, ” Frost, Jim Tobin, ”, Tobin, “, Duewight Garcia, Edward Pinto, ” Pinto, Stan Marek, MAREK, it’s, ” Marek, Trump’s, Ohio Sen, JD Vance, ” Vance, Marek, they’re, Jennie Murray, ” CNN’s Tami Luhby Organizations: CNN, New, Joint Center for Housing Studies of Harvard University, National Association of Home Builders, Bureau of Labor Statistics, Pew Research, Survey, American, National Immigration Forum, Trump, Housing Center, American Enterprise Institute, Labor, The New York Times, National Immigration Locations: Honduras, New York City, America, California , New Jersey, Texas, New York, California, Wells Fargo, Houston

☆ Should I pay off my mortgage in retirement? New book tackles big money questions
▼ + stars: | 2024-11-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Mortgage rates may affect payoff calculusThe mortgage payoff calculus may change based on whether people can outearn their mortgage rates with safe, guaranteed investments, Benz said. For mortgage rates that are 6% or more, paying that balance off will provide a guaranteed return. Admittedly, the argument over whether to pay off mortgages is "much more emotional and psychological than it is financial," Jenkin said. The big money questions people ask themselves to prepare for retirement are just as important as the emotional ones. What brought you joy while you were working may change in retirement, Michael Finke, a professor of wealth management at The American College of Financial Services, tells Benz.

Persons: Jessica Lautz, Benz, JL Collins, Collins, Robert Daly, Ted Jenkin, Jenkin, Michael Finke Organizations: Joint Center for Housing Studies of Harvard University, National Association of Realtors, Benz, Getty, CNBC, CNBC FA, The American College of Financial Services Locations: Atlanta

☆ Homeowners insurance premiums rose 21% last year. Climate change is partly to blame, experts say
▼ + stars: | 2024-07-29 | by ( Genna Contino | ) www.cnbc.com time to read: +2 min

Anadolu | Anadolu | Getty ImagesConsumers preparing to renew their homeowners insurance policy may experience some unexpected sticker shock. Between May 2022 and May 2023, home insurance prices rose an average of 21% at renewal time, according to Policygenius. A rise in catastrophic severe weather events contributed to this jump, experts say, and the rate of price increases is not expected to slow. Insurance companies "are not in the business of giving you money just because you need it, and they are not in the business of doing the right thing just because it feels like the right thing," Klein said. Fewer and pricier insurance options can prove to be a significant barrier to homeownership, experts say, as most mortgages require insurance.

Persons: Carlos Martín, Klein Organizations: Anadolu, Getty, Joint Center for Housing Studies of Harvard University, Farm, Allstate, . Insurance Locations: Fort Myers , Florida, United States, California

☆ Homeownership gap between Black and White owners is worse now than a decade ago
▼ + stars: | 2024-02-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

The Black homeownership rate saw a modest annual uptick to 44.1% in 2022 from 44% in 2021, but remains significantly behind the White homeownership rate of 72%, the report found. A stubborn racial homeownership gapEven with some improvement in the Black homeownership rate, the change has done little to close the yawning gap between Black and White homeownership. Over the past decade, the gap between the two groups’ homeownership rates has worsened, expanding from 27 points to 28 points. Other states with high Black homeownership rates include South Carolina and Delaware, each at 55%. Plus, the median household income for Black Americans was $47,800 in 2022, while the median income for White Americans was $75,700.

Persons: Sharan White, Jenkins, “, ”, ” White, Black, homeownership, Jessica Lautz, Black homebuyers, ” Lautz Organizations: DC CNN, National Association of Realtors, American, Survey, Census Bureau, NAR, Joint Center for Housing Studies of Harvard University, Black, White Locations: Washington, Jamaica, Queens, New York City, Virginia, Brooklyn, Queens , New York, Wyoming, North Dakota, Mississippi, Black, South Carolina, Delaware

☆ Why it’s so hard to find an apartment you can afford
▼ + stars: | 2024-02-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Washington, DC CNN —Finding a new apartment to rent can be a slog. In New York City, the rental vacancy rate, which is the share of habitable unoccupied units, has dropped to a record low 1.4%. In Boston, the rental vacancy rate was a very tight 2.6% at the end of last year, according to the Census Bureau. However, the most recent vacancy rate is also lower than the more typical 3.6% from prior to the pandemic. In the fourth quarter of 2023, the rental vacancy rate was 6.6%.

Persons: Maria Torres, ”, Orphe Divounguy, “, that’s, Lawrence Yun, Yun Organizations: DC CNN, New York City Department of Housing Preservation, Development, Census, New York City, Springer, Real Estate Investment Services, Joint Center for Housing Studies of Harvard University, National Association of Realtors Locations: Washington, Northeastern, New York, Boston, New York City, Yorker, Manhattan, Northeast, Southern, Austin , Texas

☆ Rental markets are softening, but half of U.S. tenants spend more than they can afford, Harvard report finds
▼ + stars: | 2024-02-02 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Rent prices are coming down in some areas, but not at the pace needed to relieve tenants struggling to pay rent. Half of renters in the U.S. spent more than 30% of their income in 2022 on rent and utilities, according to the new America's Rental Housing report by the Joint Center for Housing Studies of Harvard University. The report considers those who spend 30% or more of their income on housing "rent burdened" or "cost burdened," which means those high costs may make it difficult for them to meet other essential expenses. The share of cost-burdened renters increased by 3.2 percentage points from 2019 to 2022. While cost burden has increased across income levels, the consequences are much higher for low-income households, said Airgood-Obrycki.

Persons: Whitney Airgood Organizations: Joint Center for Housing Studies of Harvard University, Finance Locations: U.S, Here's

☆ Rental markets are cooling, but it 'doesn't mean they're falling,' Harvard researcher says. Here's what that means for renters
▼ + stars: | 2024-02-01 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Recep-bg | E+ | Getty ImagesRent costs are beginning come down after record-high asking prices. "Rental markets are cooling, but in a lot of places, it doesn't mean they're falling. It means they're growing at a slower pace," said Whitney Airgood-Obrycki, senior research associate focused on affordable housing at the Joint Center for Housing Studies of Harvard University. Prices are beginning to come down as supply boosts vacancy and demand slows from record highs in 2022. Increasing the supply of higher-rent Class A units often encourages tenants to upgrade to new units, making prices in those units level out and boosting vacancy in Class B and C units, Airgood-Obrycki said.

Persons: Whitney Airgood, Susan M, Wachter, Obrycki Organizations: Joint Center for Housing Studies of Harvard University, Prices, Finance, Wharton School, University of Pennsylvania Locations: Here’s, Airgood

☆ More than 12 million Americans are spending at least half their entire paycheck on rent, Harvard study says
▼ + stars: | 2024-01-25 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Over 12 million Americans spent more than half their income on rent and utilities in 2022, a Harvard study says. The study, by Harvard's Joint Center for Housing Studies, found a sharp rise in people spending large portions of their pay on rent. AdvertisementAn estimated 12.1 million Americans are spending more than half their income on rent and utilities, a study from Harvard's Joint Center for Housing Studies says. A chart showing the rising number of renters spending more than 50% of their income on rent. AdvertisementAre you a renter who spends a significant portion of your income on rent who would like to share your story?

Persons: — Organizations: Harvard, Harvard's, for Housing Studies, Service, Census Bureau, Joint Center for Housing Studies, Center for Housing Studies of Harvard, Cea Weaver, Justice, New York Times

☆ Home affordability is the worst it has been since 1984
▼ + stars: | 2023-08-24 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Buying a house requires a much bigger slice of people’s income now — making this the most unaffordable housing market since 1984, by one measure. The number of cost-burdened renters increased by 1.2 million, to a record 21.6 million households, between 2019 and 2021. In all, 40.6 million households were housing-cost burdened in 2021, including 20.3 million who were severely burdened. Affordability picture remains grim this yearHopeful house hunters continued to face challenging affordability conditions in July as rising mortgage rates and historically low housing inventory pushed prices higher, said Edward Seiler, the Mortgage Bankers Association’s associate vice president for housing economics. “Unfortunately, given today’s lack of inventory and affordability levels, it may take years before home affordability returns to more ‘normal’ levels,” he said.

Persons: Black Knight, Knight, “, ”, Andy Walden, Edward Seiler, Seiler, Joel Kan, Walden, ” It’s Organizations: DC CNN, Federal Reserve, Black, Joint Center for Housing Studies of Harvard University, Mortgage, Moody’s Investors Service Locations: Washington

☆ Why it's getting even harder to keep a roof over your head
▼ + stars: | 2022-09-22 | by ( Anna Bahney | Cnn Business | ) edition.cnn.com time to read: +6 min

Americans are now spending more than 35% of their median income on monthly principal and interest payments for that newly purchased median-priced home. Historically, Americans spent closer to 25% of median income on payments. Instead, mortgage rates tend to track the yield on the 10-year US Treasury. As investors anticipate the Fed's rate hikes, they often sell government bonds, which sends the yield higher and, with it, mortgage rates. In May, the Biden administration announced a Housing Supply Action Plan to close the affordability gap and ease housing costs.

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