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☆ 9 charts show how buying a home has gotten harder for the average American
▼ + stars: | 2024-11-30 | by ( Alcynna Lloyd | Madison Hoff | ) www.businessinsider.com time to read: +8 min

Advertisement"A challenge for first-time homebuyers is higher mortgage rates, especially over the last year," Snowden said. "We see that a large share of homebuyers, especially first-time buyers, rely on gifts or loans from family and friends," Snowden said. The share of first-time homebuyers dropped to just 24% in 2024, down from 32% in 2023 and a record 50% in 2010. AdvertisementIn 2024, the median age of first-time buyers was 38, nine years older than in 1981. AdvertisementSince NAR started collecting data, single women homebuyers have outpaced single men homebuyers, but the gap has grown.

Persons: homebuying, Brandi Snowden, Snowden, hasn't, it's, homebuyers, —, Gen Zers, Gen Xers, Jessica Lautz Organizations: National Association of Realtors, Census Bureau, Department of Housing, Urban Development, NAR, Federal Reserve's Survey, Consumer Finances Locations: America, US

People of color who moved to Texas said they were attracted by jobs and more-affordable homes. Census data indicates that in 2023, Texas led the nation in population growth, welcoming 473,000 people, the most new residents of any state. Millennials comprised 40.5% of people moving to Texas from 2021 to 2022, and Gen Zers made up about 30%. The Texas Demographic Center's analysis of the 2020 census found that 95% of the state's population growth was associated with a rise in people of color. Are you a person of color who recently moved to — or moved out of — Texas, and wants to share your story?

Persons: —, Jasmine Cambridge, Cambridge, she's, Austin, I've, Austin —, They've, Gen Zers, Lauren Leining, RubyHome, Holly Heard, Anna Lagos, San Antonio —, we'd, Alcynna Lloyd Organizations: Service, Wells, Bank of America, US, Brookings Institution, Americans, Cambridge, Lagos, BI Locations: Texas, Atlanta, Austin, Cambridge, California, New York, Minnesota, Dallas, Houston, what's, Mexico, Mexican, Lagos, San Antonio, New Braunfels, —, — Texas, alloyd@businessinsider.com

☆ Texas transplants are coming from these 10 states
▼ + stars: | 2023-10-26 | by ( Alcynna Lloyd | Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Over 668,300 people moved into Texas between 2021 and 2022, according to new Census data. Those moving in are coming from states like California, Florida, and New York. Texas has maintained a long-standing reputation for its favorable cost of living, making it a magnet for transplants. Californians are moving to Texas in drovesOf all states, Texas is receiving the most transplants from California — a state facing a severe housing affordability crisis and widening political division. Many Californians who arrived in Texas during the pandemic also realized the state's climate was less than ideal.

Persons: —, Rogelio Saenz, Saenz, Redfin, Hailey Eustace, San Francisco who've, Jackie Burse, Nicole Nabulsi Nosek, Danielle Fountain, she's, Fountain, Alcynna Lloyd Organizations: Service, Lone Star State, University of Texas, USA, Conservative, Liberal, Republican, Texans, Reasonable Solutions Locations: Texas, California, Florida, New York, Texas . Texas, San Antonio, Austin, San Francisco, Orange County, San Antonio , Texas, Texas . California, Oklahoma, alloyd@insider.com

☆ Californians are fleeing to Texas, where homes and the cost of living are cheaper
▼ + stars: | 2023-08-14 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

Many Californians have relocated to Texas, as higher housing costs drive them out of the state. In 2021, almost 108,000, people migrated from California to Texas, according to an analysis of the most recent Census data. The saying is that everything is "bigger" in Texas but, for Californians, is it also cheaper? And in June, Redfin found its median home sale price to be $362,000, compared with the US median sale price of $425,177 as of June. In 2022, he and his wife, Erika Dominguez, moved to Dallas, after struggling to afford rent in California, USA Today reported.

Persons: Rogelio Saenz, Saenz, Redfin, Ryan Petersen, Erika Dominguez, Petersen, Peterson, Petterson, Alcynna Lloyd Organizations: Census, Service, Lone Star, University of Texas, USA Today, USA, Instacart, alloyd Locations: Texas, California, Wall, Silicon, San Antonio, Orange County, Dallas, USA

☆ Is Ohio really that great of a place for first-time homebuyers?
▼ + stars: | 2023-08-02 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

Are you a first-time homebuyer who recently moved to Ohio? Some may be found in Ohio, according to data from the National Association of Realtors and Realtor.com. In Youngstown, buyers earning at least $75,000 can afford to purchase 72% of listings, while those in Akron and Toledo can afford to buy 61%. It begs the question: Is Ohio really that great of a place for first-time homebuyers? We want to hear from current Ohio residents who are first-time homebuyers or recently relocated to or within the state.

Persons: homebuyer, Toledo —, Ian Beniston, Beniston, it's, Eric Cooper, he's, Cooper, Sellers, Alcynna Lloyd Organizations: Service, National Association of Realtors, Realtor.com, Ohio —, Youngstown Neighborhood Development Corporation, Columbus —, Coldwell Banker, Bureau, alloyd Locations: Akron, Toledo, Youngstown, homebuying, Ohio, Wall, Silicon, There's, Ohio — Youngstown , Akron

☆ See how a young couple turned a neglected Los Angeles bungalow into a midcentury marvel and romantic proposal spot with just $50,000 in renovations
▼ + stars: | 2023-06-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

In 2020, Angelina Murphy and Skyler Johnson had a tough time finding an affordable Los Angeles home. See how they turned the deteriorating 1950s bungalow into the home of their dreams for $50,000. "We were looking to buy and weren't having much luck," Murphy told Insider. "Taking on the renovation process ourselves was the best way to have a really nice home that we could afford," Murphy said. See how Murphy and Johnson transformed the more than 70-year-old three-bedroom, one-bathroom home from a crumbling pad into their forever home without breaking the bank.

Persons: Angelina Murphy, Skyler Johnson, —, Murphy, they'd, Skyler, Johnson, homebuyers, Alcynna Lloyd Organizations: Service, YouTube, alloyd Locations: Los Angeles, LA

☆ See how an interior designer turned a 124-year-old home she bought on Facebook for $15,000 into a dreamy country getaway
▼ + stars: | 2023-05-17 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

In 2019, Claire Zinnecker purchased a barren plot of land with no immediate plans for development. Her plans quickly changed after discovering an idyllic 124-year-old home on Facebook Marketplace. See how she and her partner moved the crumbling house and restored its classic charm. "I was not planning on doing anything with the land for a while because it was completely raw," she told Insider. See how the couple transformed the crumbling home and barren land into a country getaway.

☆ A Texas couple bought a neglected 110-year-old mansion and turned it into a maximalist paradise with rainbow-colored walls, thrifted artwork, and period furnishings
▼ + stars: | 2023-04-15 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

In 2020, Katie Heim and her wife purchased a historic mansion in Gonzales, Texas. In 2020, she found the home of her dreams: A more than century-old mansion built in the historic city of Gonzales, Texas. Katie Heim"My wife showed me the listing and I thought, 'Oh my god, how amazing,' Heim told Insider. "I was a history major in college, so the house really spoke to me — this place really felt like Texas history." Heim has also purchased hundreds of dollars worth of quirky art and furniture to complete an eclectic, maximalist look.

☆ This Detroit couple bought a $6,500 house destined for the wrecking ball, then picked over old basketball courts, science labs, and churches to renovate it into a beauty. See inside.
▼ + stars: | 2023-03-28 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

Kyle Dubay and Bo Shepherd own Woodward Throwbacks, a store that recycles building materials. In 2019, they purchased a run-down home for $6,500 from the Detroit Land Bank Authority. See how the couple used salvaged materials to renovate and furnish the home. In 2019, Dubay and Shepherd purchased the North End home from the DBLA for $6,500. See how the couple transformed the old decaying home into a luxurious property by using recycled materials like old basketball court floorboards and science lab countertops.

☆ A man renovated his wife's crumbling childhood home into a dream property for his five kids and loved it so much he started flipping homes full-time. See inside.
▼ + stars: | 2023-03-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

Adam and Jessica Miller purchased Jessica's century-old childhood home for $565,000 in 2020. The Millers embarked on a $200,000 renovation to turn the rundown property into their family home. The project was so successful it launched Adam's career as a full-time home flipper. Jessica, 34, grew up on Union and returning to her childhood neighborhood was a lifelong dream. See how the Millers transformed the five-bedroom, three-bathroom home from a crumbling mansion to a dream property for their family of seven.

☆ A Detroit man paid just $3,300 for 2 abandoned homes and transformed them for his family to live in. See inside the impressive renovation.
▼ + stars: | 2023-03-14 | by ( Alcynna Lloyd | Libertina Brandt | ) www.businessinsider.com time to read: +2 min

In June 2017, Vincent Orr won an abandoned home from the Detroit Land Bank Authority for just $2,100. Orr transformed both homes into livable spaces with only $100,000. In 2017, Vincent Orr, 33, a native Detroiter, won a home for his mother through Auction for $2,100 — and that was just the beginning of his adventures in real estate. While Orr is currently leasing the home to a family member, he is still renovating the property. In an interview with Insider, Orr explained how he transformed both spaces with just $100,000.

☆ A 24-year-old Black tattoo artist explains why she and many others are fleeing Austin: 'The soul of the city has changed'
▼ + stars: | 2023-03-12 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Imani Tatum is leaving Austin after living there for the past three years. "I wanted to create a place where specifically marginalized people could be tattooed, while being safe and enjoying themselves," Tatum told Insider. Tatum said she's done: she's closing Nana's Prayers, packing her bags and heading to a new city in May. But affordable housing remains scarce in the city, and that's driving out many minority residents, like Tatum. While price growth has slowed in Austin, the city's median home price still sits at a staggering $525,000, $140,000 above the US median sale price, according to real estate brokerage Redfin.

☆ Cash-strapped homeowners are swarming to HELOCs at the fastest rate in more than a decade to pay for food, gas, and renovations
▼ + stars: | 2023-03-01 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Higher mortgage rates have curbed cash-out refinancing, one way of tapping the equity. HELOC rates have climbed, too, but homeowners have flexibility with how much financing they buy versus taking out a 30-year loan on the house. HELOC rates averaged 7.8% in mid February. High mortgage rates have created a lock-in effect in the US housing market as the majority of US home loans were created with 30-year rates below 4%. Since October, when he bought the property and started renovations, the interest rate on his loan has increased from 6.5% to 7.5%.

☆ A Michigan couple paid off their $200,000 mortgage in 4 years. They broke down how they did it to find financial freedom and build up their kids' college funds.
▼ + stars: | 2023-02-08 | by ( Alcynna Lloyd | Libertina Brandt | Natasha Solo-Lyons | ) www.businessinsider.com time to read: +3 min

Andy and Nicole Hill paid off a $195,000 mortgage in about four years with income from $150,000. The Hills' annual household income ranged from about $150,000 to $180,000 during the years they were paying off the mortgage. That means every dollar of their monthly income was assigned a purpose. Andy gave Insider an exclusive look at a monthly budget sheet from May 2016, when the couple was paying off the mortgage in earnest. Keeping reading for an inside look at how Andy and Nicole rationed their monthly income while paying off their mortgage.

☆ Some Gen Zers are hoping for a housing market crash so they can afford to buy a home
▼ + stars: | 2022-09-14 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

According to their results, 78% of respondents think we'll soon face a housing market crash and nearly half believe it will happen in 2023. Indeed, 84% of the survey's respondents born between 1996 and 2015 said they wanted a market crash. "Gen Z was the generation most likely to want a housing crash or correction so they could buy a home," researchers wrote. "Despite their hopes for a cooler market, Gen Zers have the least saved for a home." Do you feel a housing crash — or a less dramatic slowdown — would make it easier for you to buy a house?

☆ Why Scottsdale is challenging Nashville as the next bachelorette party capital of the US
▼ + stars: | 2022-09-14 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Terryce Blanchard wanted a unique bachelorette party destination — anywhere but Nashville. For her, nowhere better fit the bill better than Scottsdale, Arizona, a well-to-do suburb of the Phoenix metropolitan area. After Tennessee's capital city became the bachelorette destination of choice in recent years, Scottsdale could be stealing the crown. Especially for Casey Hohman, the owner of party planning company Scottsdale Bachelorette, who told Insider that he has seen "a huge uptick in party requests." Hohman says Scottsdale's bachelorette party success derives from two main factors — lenient Covid-19 protocols and a historically high number of weddings throughout the United States.

Gunther and his wife, Anastasiia, purchased a 120-year-old church in Maryland for $320,000 in 2017. The All Saints' Church became All Saints House, where the couple lives with their 3 children. Now the pair and their three children live in the 120-year-old All Saints' Church, which they renamed All Saints House. Despite their best-laid plans when buying the house, Gunther and Anastasiia would be in for some unexpected costs. "We still have so many things we want to do at All Saints House," Gunther said.

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