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☆ The $8 billion Sam Bankman-Fried criminal trial starts today — here's what's at stake and how we got here
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering. Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware. FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it. And from FTX's inception, there was a lot of customer money. Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."

Persons: Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami Organizations: Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron Locations: Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried

☆ It's about to become much harder for young people to buy a home as student-loan repayments resume
▼ + stars: | 2023-09-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Student-loan repayments will restart on October 1 following a three and a half year hiatus. After more than three and a half years of moratoriums on student loans, repayments are set to resume on October 1. The average student loan borrower has more than $37,000 in federal student-loan debt, according to Bankrate. Manny Garcia, a senior population scientist at Zillow, told Insider that student-loan repayments will likely jeopardize buyers' ability to afford home purchases this year. "Before the pandemic, borrowers were already choosing between meeting their own basic needs and making their student-loan payments.

Persons: —, it's, Manny Garcia, Garcia, Pulsenomics, Zillow, Will Lemke, Stephanie Hall Organizations: Service, Center for American Progress, Wall Street Journal, Inside Mortgage Finance

☆ Want to live in London or New York? Good luck if you’re renting
▼ + stars: | 2023-09-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN —In May, Viveca Chow hurriedly transferred $3,700 over her phone while standing in the lobby of a building in Queens, New York. Average rents in New York and Sydney grew by an inflation-busting 4.7% and 6.9% respectively in the year to August, according to real estate firm Knight Frank. While growth in rental costs in both cities has slowed compared with its pandemic peaks, average rents are still at all-time highs. The Manhattan skyline reflected on the East River Ferry near the Queens borough of New York CIty in August 2022. Lifestyle influencer Viveca Chow feels lucky to have found a rent-stabilized apartment in New York City.

Persons: Viveca Chow, Chow, Knight Frank, Ismail Ferdous, Realtor.com, SpareRoom, Barnaby Scudds, “ I’m, ”, Andy Raim, Matt Hutchinson, ” Hutchinson, Liam Bailey, ’, Sadiq Khan, Nikodem Szumilo, ” Szumilo, Szumilo, Viveca, ” Chow, you’re Organizations: London CNN —, CNN, Bloomberg, Getty, Hamptons, Office, National Statistics, Bartlett Real Estate Institute, University College London Locations: Queens , New York, New York, Sydney, Manhattan, Queens, London, United Kingdom, Bartlett, Tokyo, New York City, That’s

☆ Most Americans who want to buy a home next year can't afford a 20% down payment
▼ + stars: | 2023-09-20 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

Most Americans who plan to buy a home next year can't afford a down payment, according to Zillow. There aren't enough homes on the market for everyone who wants to buy one, Zillow said. AdvertisementAdvertisement"There are about 54 million Americans who said they intend to buy a home — that represents 34 million unique households," Garcia said. Down payment requirements can range from 0% to more than 20%, Insider previously reported, and in America's 20 biggest cities, a 20% down payment ranges from $39,859 in Oklahoma City to $260,849 in San Jose, California. During 2023, the majority of people who successfully got a mortgage put down 20% of the cost of the home, according to Zillow.

Persons: Zillow, Manny Garcia, Zillow's, Garcia Organizations: Service, Zillow Locations: Wall, Silicon, Oklahoma City, San Jose , California

☆ An ex-mortgage underwriter who owns 129 rental units worth over $28 million shares 3 ways to buy property with little or no money down. — Plus 3 calculations he uses to find a cash-flowing property.
▼ + stars: | 2023-09-16 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

To date, he has amassed 28 single- and multi-family homes that were worth over $28 million at their time of purchase. This is when the seller provides the loan, allowing the buyer to skip the bank and instead give the monthly payment with interest to the seller. In this instance, the lender will provide the down payment in exchange for either equity in the deal or monthly payments over time. If he has an $8,000 return, he must deduct $5,000 on mortgage payments. He determines this by dividing the total monthly operating costs, including utilities, maintenance, property taxes, home insurance, and property management fees (not including mortgage payments) by the total monthly income.

Persons: Chris Gerbig, Tori Gerbig, Pink Lily, Chris, Chris didn't, he's, you'll, they've Organizations: eBay, Bank of America, Housing Administration, National Association of Realtors, Loan Locations: Wells Fargo, Kentucky

The figures suggest that China's latest steps to revive a crisis-hit property market, including lower mortgage rates and down payments, could unlock some pockets of housing demand in the most sought-after areas, but may struggle to halt the broader property market downturn. "These measures may generate a short-term rebound in property transactions, but are insufficient to stabilize the property market," Goldman Sachs analysts said in a note. But Yu Fei, a property sales agent at HomeLink, said the initial spike in interest he noticed in the first few days is already petering out. "Many homebuyers remain in a wait-and-see approach, some hoping for more radical policies to stimulate the property market," Yu said. Goldman analysts said if property sales kept sliding policymakers could release more liquidity into the market by cutting banks' reserve requirement ratios, lowering rates, easing home purchasing rules further.

Persons: Jason Lee, Goldman Sachs, Zhang Guoqiang, I'm, Zhang, Zhao Jie, Yu Fei, Yu, Goldman, Wan, Emelia Sithole Organizations: REUTERS, China Index, Haitong Securities, Longfor, HK, Thomson Locations: Beijing, China, BEIJING, HONG KONG, China's

☆ Most first-time homebuyers don't put down 20%, expert says. Here's how much you may need
▼ + stars: | 2023-09-08 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

But you probably don't need as much money as you think. In the following decades, many government-backed mortgages mandated a 20% down payment. The typical house in the U.S. has a median price of around $400,000. Applying the 20% rule would mean you'd need $80,000. Some states, cities and other groups have programs that award grants to homebuyers that bolster their down payment or help cover closing costs.

Persons: SurveyMonkey, Jessica Lautz, Lautz, Freddie Mac, Daniel Brennan Organizations: Istock, CNBC, National Association of Realtors, U.S . Department of Agriculture, Federal Housing Administration, Department of Veterans Affairs, Bank Locations: U.S, Arizona, Maine

☆ Nanjing scraps home-buying curbs in China's latest property boost
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

China's authorities in recent weeks have rolled out a series of measures, such as easing borrowing rules, to support the debt-riddled property sector, which accounts for one-quarter of China's economic activity, but analysts say the steps are unlikely to reverse the slide. China's property sector has been on a downward spiral since 2021, when the government took steps to stop developers from accumulating debt. Nanjing's move indicates property easing will continue, playing an important role in stimulating home-buying and changing expectations in the sector, Yan said. Many smaller locales have eased home-purchase curbs over the past two years, but major cities - traditional targets of speculative buying - had held off. Nanjing also cut the maximum down payments for first home purchases to 20% from 30% for commercial mortgages, state broadcaster CCTV said on Thursday, compared to 30% to 35% in most major cities.

Persons: Tingshu Wang, Yan Yuejin, Yan, Liangping Gao, Ryan Woo, William Mallard Organizations: REUTERS, Garden Holdings, Reuters, China Research, Development Institution, Thomson Locations: Tianjin, China, BEIJING, Nanjing, Beijing, Shanghai, Shenzhen

☆ Russia to recruit foreigners in neighboring countries to beef up its army depleted by 300,000 war casualties, says the UK Defense Ministry
▼ + stars: | 2023-09-03 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +2 min

Russia is outsourcing military recruitment to "avoid unpopular domestic mobilization measures," says UK MoD. The Kremlin wants to fill the growing gaps in army ranks foreigners and migrant workers. Russia's military casualties are approaching 300,000, say US officials. The campaign to exploit migrant workers and enlist men from neighboring countries precedes Russia's upcoming presidential election in 2024. Russia's military casualties are approaching 300,000, of which as many as 120,000 are deaths and up to 180,000 are injuries, US officials said last month.

Persons: OLGA MALTSEVA Organizations: MoD, Kremlin, Service, UK Ministry of Defence, Ministry, Getty Images, Ukraine, Central Locations: Russia, Wall, Silicon, Ukraine, Saint Petersburg, AFP, Kazakhstani

☆ How to get into real estate on a small salary or little to no savings, according to 6 successful investors who used creative financing strategies to get started
▼ + stars: | 2023-09-02 | by ( Business Insider | ) www.businessinsider.com time to read: +7 min

It's possible to get into real estate with little-to-no savings. Investors who started with very little share the strategies they used to get their first properties. 20-year-old friends and college dropouts Caleb Hommel and Chuck Sotelo raised capital and structured a seller financing dealAdvertisementAdvertisementChuck Sotelo (L) and Caleb Hommel started investing in real estate in their teens. Hommel and Sotelo, who met on the first day of high school, were teenagers when they decided they wanted to invest in real estate. They were still in junior college at the time and delivering food to pay for an online real estate mentorship program.

Persons: Caleb Hommel, Chuck Sotelo, Sotelo, they'd, Zeona McIntyre, McIntyre, Hommel, she'd, Sean Allen, Sean Allen Sean Allen, Allen, Seegars, Jim Resonable, Jervais Organizations: Service, DoorDash Locations: Wall, Silicon, Texas, Boulder , Colorado, Sotelo, Boulder, North Carolina, California, Greensboro , North Carolina, Greensboro, North Carolina , California, Georgia

☆ China relaxes mortgage rules to help homebuyers in latest stimulus push
▼ + stars: | 2023-09-01 | by ( Laura He | ) edition.cnn.com time to read: +2 min

That’s a big cut from the existing requirements of minimums of 30% and 40% for first-time and second-time buyers in cities that implement home-buying restrictions, such as Beijing and Shanghai. In addition, minimum mortgage rates for buyers of second homes should be no less than 20 basis points over the loan prime rate (LPR), the statement said. Currently, minimum mortgage rates for second-time buyers are no less than 60 basis points over the LPR. The LPR is the benchmark for most household and corporate loans in China and is set by the central bank each month. “For banks, it can effectively reduce the phenomenon of early loan repayment and mitigate the impact on banks’ interest income,” they added.

Persons: That’s Organizations: Hong Kong CNN, People’s Bank of China, National Administration of Financial Locations: Hong Kong, China, Beijing, Shanghai

☆ The ultimate real-estate guide: Where homes are most affordable, prices have the most upside, taxes and closing costs are lowest, and rents are falling the fastest
▼ + stars: | 2023-08-30 | by ( Business Insider | ) www.businessinsider.com time to read: +4 min

Below, we've compiled stories with tips for prospective homeowners, investors, and renters. And for those opting to continue renting since this path is increasingly cheaper than taking on a new mortgage payment, one piece shows where rents are falling the fastest. Sean Pavone/ShutterstockThis list from Scholaroo shows where prospective homeowners can find the cheapest combo of prices and property taxes relative to local incomes. John M Lund Photography Inc/Getty ImagesThis piece on an analysis by CoreLogic shows where investors are betting on most right now. Earlier in August, Goldman Sachs said they expect home prices on a national basis to grow another 1.8% this year.

Persons: we've, Goldman Sachs, hasn't, Sean Pavone, El Paso , Texas Denis Tangney Jr, Alan Diaz, Doug Ressler, John M, David Greene Organizations: CoreLogic, Service, AP, Kansas, John M Lund Locations: Wall, Silicon, El Paso , Texas, Kansas City , Missouri, Scholaroo

☆ China new home prices growth likely flat in 2023, dragging on economy - Reuters poll
▼ + stars: | 2023-08-28 | by ( Liangping Gao | Ryan Woo | ) www.reuters.com time to read: +3 min

FILE PHOTO: A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File PhotoThe expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed. “It is estimated that every one percentage point decline in property investment may drag down the GDP growth rate by 0.1 percentage points,” said analyst Ma Hong at Zhixin Investment Research Institute. China observers are sceptical that the property sector could turn a corner in the near term despite Beijing’s support measures. The government has suspended publishing data on youth unemployment, which has hit record highs in what analysts say is partly a symptom of regulatory crackdowns on big employers in real estate and other industries.

Persons: Tingshu Wang, Wang Xingping, Fitch Bohua, ”, Ma Hong, Gao Yuhong, Xing Zhaopeng Organizations: REUTERS, Fitch, Authorities, Zhixin Investment Research Institute Locations: BEIJING, Tianjin, China, “

A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. The expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed. "It is estimated that every one percentage point decline in property investment may drag down the GDP growth rate by 0.1 percentage points," said analyst Ma Hong at Zhixin Investment Research Institute. China observers are sceptical that the property sector could turn a corner in the near term despite Beijing's support measures. The government has suspended publishing data on youth unemployment, which has hit record highs in what analysts say is partly a symptom of regulatory crackdowns on big employers in real estate and other industries.

Persons: Tingshu Wang, Wang Xingping, Fitch Bohua, Ma Hong, Gao Yuhong, Xing Zhaopeng, Liangping Gao, Ryan Woo, Shuyan Wang, Shri Navaratnam Organizations: REUTERS, Fitch, Authorities, Zhixin Investment Research Institute, Thomson Locations: Tianjin, China, BEIJING

☆ The housing market has gotten so unaffordable that Zillow is now offering prospective homebuyers a 1% down payment option
▼ + stars: | 2023-08-25 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The company is offering prospective homebuyers the option to put a 1% down payment on a house. The record-low 1% down payment target offered by Zillow beats out Freddie Mac's mortgage option of just a 3% down payment. But the 1% down payment option doesn't solve the housing affordability crisis, as smaller down payments lead to bigger monthly mortgage payments because borrowers have to take on more debt. Zillow's new down payment option comes as the company is expanding to be more than a platform to browse homes for sale. It seeks to become a one-stop shop for prospective homebuyers, offering direct access to real estate agents and home loans underwritten by them.

Persons: Zillow, Freddie, It's Organizations: Service, Zillow Locations: Wall, Silicon, Arizona, Phoenix , Arizona

☆ 'Guppies' are the latest real estate phenomenon: young people giving up on ever buying homes
▼ + stars: | 2023-08-24 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

More Gen Z and millennials are opting out of the rat race and sticking to renting instead. British real estate company Zoopla has dubbed the new generation of non-buyers as "guppies"Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The term, coined by British real estate company Zoopla, is a play on the 1980s phrase "yuppie," which meant a young, financially successful professional. This mirrors a similar situation in the US, where competition is also heating up between potential first-time homebuyers. AdvertisementAdvertisementInstead of stressing over down payments and mortgage rates, guppies are comfortable renting for the foreseeable future even though they're making good money, MarketWatch reported.

Persons: Zoopla, They're, Zers, homebuyers, Sheharyar Bokhari Organizations: Service, National Association of Realtors, MarketWatch Locations: British, Wall, Silicon, guppie, California, Sacramento

☆ Why It’s So Hard for China to Fix Its Real Estate Crisis
▼ + stars: | 2023-08-22 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

The head of the central bank, fielding questions at a rare news conference, said that China would make it easier to get home mortgages. Vast sums were also lent to local governments, allowing them to splurge on new roads and rail lines. For China, it was a familiar response to economic trouble. Today, as China faces another period of deep economic uncertainty, policymakers are drawing on elements of its crisis playbook, but with little sign of the same results. It has become considerably harder for China to borrow and invest its way back to economic strength.

Persons: Zhou Xiaochuan Locations: China

☆ Home sales fall again in July, as supply drops to near quarter-century low
▼ + stars: | 2023-08-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Homes sold at the slowest July pace since 2010. This count is for closings, so contracts were likely signed in May and June, when mortgage rates went from around 6.5% to well over 7%. Sales fell month to month in all regions except the West, where they rose 2.7%. Roughly three-quarters of the homes sold were on the market for less than a month, indicating still strong demand. "The housing market is at a pivotal point as we head into fall," said Lisa Sturtevant, chief economist at Bright MLS, noting higher mortgage rates in particular.

Persons: it's, Lawrence Yun, Danielle Hale, Buyers, Lisa Sturtevant Organizations: National Association of Realtors, Homes, Realtor.com, Realtors, Federal Housing Administration, Bright MLS

☆ A financially independent real-estate investor who had to get creative to afford her first property shares 3 strategies rookie investors can use to get started on a tight budget
▼ + stars: | 2023-08-18 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Look into private lending, which is how she started, and subject-to financing, she advises. Private lendingThis is exactly how McIntyre financed her first property: She obtained a private loan, rather than going through a traditional mortgage lender. We worked out a private loan and he didn't need to verify my income or anything. Subject-to financingWith subject-to financing, the buyer takes over the existing financing. You don't actually assume the mortgage — it remains in the seller's name with the same terms — but you'll make mortgage payments on behalf of the seller.

Persons: Zeona McIntyre couldn't, McIntyre, I'd, Zeona McIntyre, Zeona, she's, you'll, I've Locations: Colorado, Boulder

☆ China's new home prices fall for first time this year, dimming economic outlook
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

The 0.2% fall month-on-month came after June's flat reading, according to Reuters calculations based on National Bureau of Statistics (NBS) data. The decline in home prices comes amid a worsening debt crisis at major developers, sliding property investment and home sales. Among 70 cities, 49 saw a fall in new home prices month-on-month in July from 38 cities the previous month. However, most economists expect the downside trend in home sales and prices to persist for while. "Without additional major policy easing and/or fiscal support, property sales and investment may weaken further or stay at the bottom for longer than assumed in our baseline," said Wang.

Persons: Jason Lee, Goldman Sachs, Wang Tao, Wang, Qiaoyi Li, Liangping Gao, Ryan Woo, Sam Holmes Organizations: REUTERS, National Bureau of Statistics, Goldman, Asia Economics, China, UBS Investment Bank, Thomson Locations: Wangjing, China, BEIJING, Zhengzhou, Xian, Fuzhou

☆ TikTok influencers want to rent you a very cool home. Just don't call them landlords.
▼ + stars: | 2023-08-16 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

While live-in landlords are far from a novel concept, the pandemic-era fever around passive income and real-estate investing has sparked a rise in the popularity of house hacking. While Turner's initial strategy emphasized small multifamily buildings, some house hackers applied the concept to single-family homes. In 2019, he published a book called "The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom." And I think house hacking is one obvious way to eliminate, or at least drastically reduce, what likely is your largest expense." "Yeah, it's called 'house hacking," the owner and roommate, also played by Jarman, who has 4 million followers, replies.

Persons: Kelly Clark, Clark, scoffed, TikTok, Zers, Brandon Turner, Turner, Ryan Lehman, Lehman, Brandon, I'm, Craig Curelop, BiggerPockets who's, Curelop, influencer Addison Jarman, renter, it's, Jarman, Jay Parsons, John Liang, TikToker, Liang, —, It's, doesn't, Insider's Daniel Geiger, she'd, James Rodriguez Organizations: Federal Housing Administration, BiggerPockets, Census, YouTube, RealPage Locations: Spokane , Washington, Silicon, millennials, Seattle, Spokane

☆ 3 pivots real-estate investors are making to maximize their cash flows in a tight, high-interest rate market, according to a loan manager
▼ + stars: | 2023-08-16 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

The 30-year fixed mortgage rate was at a whopping 7.07%, and the refinance rate for the same term was at 7.16% as of Tuesday. The pivotLuther said that one alternative property owners are increasingly turning to is midterm rentals, or terms longer than two weeks or 30 days. Luther added that one of the most significant advantages of midterm rentals is having a month-to-month lease with tenants. Investors can also secure the loan under an LLC instead of their names, unlike a 30-year fixed conventional loan, she said. So you should plan on keeping the property for the loan term.

Persons: Suzanne Luther, It's, Luther, we've, they're, Barnes, Louis Children's, there's, aren't, it's Organizations: FasterFunds, Newsweek, Jewish, St, Louis Children's Hospital, Dominion Financial Locations: St, Louis , Missouri

☆ 5 real-estate investors who 'house hacked' to afford their first properties explain how the strategy works and can help anyone build wealth
▼ + stars: | 2023-08-14 | by ( Business Insider | ) www.businessinsider.com time to read: +7 min

If you're looking to get into real estate, house hacking is a strategy worth considering. Insider spoke to investors who used house hacking to get their start and build equity quicker. One strategy that first-time homebuyers looking to break into the market could consider is called "house hacking." Here are five individuals who used house hacking to get their start and build equity quicker while lowering their overall risk. He was bringing in $3,600 per month in rental income, which more than covered his $3,300 mortgage payment.

Persons: it's, Peter Keane, Rivera, Rivera Peter Keane, Keane, Todd Baldwin, Todd Baldwin Seattle, Avery Heilbron, Heilbron, Ali, Josh Lupo, Josh Lupo Ali, they'd, Josh Organizations: Service Locations: Wall, Silicon, America, Seattle, Boston, New York

My mortgage broker demystified the homebuying process and guided me step by step. Here's how my mortgage broker and I worked out a plan to make my dreams of homeownership a reality and how I'm preparing for mortgage renewal in the not-too-distant future. See Insider's picks for the best mortgage lenders »My mortgage broker ran the numbers for different scenariosI spoke with a few mortgage brokers before deciding to work with the brilliant Lisa Okun. Compare today's 30-year mortgage rates »I know renegotiating my mortgage will be complexI like to know how much I'm going to need to spend. Because the interest rates in Canada were so low at the time (around 2.5%), I felt good about locking into that rate.

Persons: Lisa Okun, Lisa, They've Organizations: Service Locations: Wall, Silicon, Ontario, Canada

☆ These 16 cities offer the cheapest first year of homeownership in the US when considering down payments, taxes, and closing costs, according to Point2
▼ + stars: | 2023-08-10 | by ( William Edwards | ) www.businessinsider.com time to read: +2 min

But according to Point2, 16 cities including Detroit offer first-year homeownership costs under $80K. First-year costs include down payments, mortgage payments, taxes, insurance, and closing costs. In a recent analysis of the 100 largest US markets, the firm identified the 16 cities with the cheapest first year of homeownership after considering the average cost of a 20% down payment, closing costs, property taxes, monthly mortgage payments, and homeowners' insurance. In all 16 of the cities, the first year's cost of homeownership was under $80,000. We've listed the cities below starting with the least expensive, and have included Point2's price breakdown of each item noted above.

Persons: It's, homebuying —, Point2 Organizations: National Association of Realtors, homebuying Locations: Point2, Detroit

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