Median Home Prices Continue to Climb Out of Reach of the Average American
Housing prices are just one of the many increasing costs in the modern economy, but recent statistics indicate that the median sales prices of houses sold in the United States has reached a level far out of the reach of the median household income. Costs vary across the country, of course, and incomes do, too, […]
How Much Does it Cost to Buy a Bigger Home?
While housing trends have changed over the years, one has remained stable for decades, and that is the popularity of homes with ample space. The average size of a single-family home has more than doubled from just over 900 square feet in 1949 to an eye-popping 2,480 square feet in 2021. What’s more, a recent […]
Mortgage Cost Increases Significantly and Outpaces Income Gains from 2020 to 2024
The affordability crisis in the real estate market has reached a milestone in the first months of 2024, with experts suggesting that the average homebuyer needs an 80 percent higher income to afford the average house today versus 2020. Numbers published by home listing aggregate site Zillow indicate that a family needed $47,000 in household […]
The Benefits and Process of Buying a Second Home
Purchasing a second home is a solid option for growing a portfolio and it also means having access to a vacation home or an extra source of income from rent. Just as a buyer might when purchasing their first home, buying a second property means considering several factors like budget, timing, savings, and credit. Many […]
Mortgage Activity and Home Affordability in 2024
As the United States leaves 2023 and its rising mortgage interest rates behind, the real estate market continues to experience difficulties as affordability remains a key concern for buyers. Despite the expectation that the Federal Reserve will keep interest rates steady or eventually reduce rates in 2024, the average contract interest rate for 30-year fixed-rate […]
What are the Benefits of Taking out a Home Improvement Loan?
Home equity lines of credit (HELOCs) and home equity loans have been around for decades. Even so, they’ve become increasingly popular in 2023, and they’ll likely remain popular as long as home values keep rising, which they’re set to do for the foreseeable future. High interest rates, coupled with a shortage of homes, will ensure […]
Homeowners are Taking Advantage of High Home Prices to Tap Into Home Equity Loans
Home prices are at an all-time high, and some experts are predicting they will increase by an added 3.5% by the end of 2024. This is bad news for anyone who wants to buy a home. At the same time, it’s an ideal situation for current homeowners who purchased a home before interest rates started […]
Los Angeles’ Housing Market is at a Standstill. Can Lower Mortgage Interest Rates Save It?
Los Angeles has felt the impact of higher mortgage rates harder than many other cities in the nation. From August 2021 to August 2023, just over 65,000 homes were sold, a 37% drop from two years ago. At the same time, home values in the area have risen by a whopping 34% since February 2020. […]
What Should You Do if You Can’t Make Your Monthly Mortgage Payments on Time?
Are you struggling to make your mortgage payments on time? If so, you’re not alone. Over a quarter of Americans have seen their financial situation worsen since buying a home, and about 66% of Americans struggle to make mortgage payments on time. Thankfully, there are things you can do to help yourself avoid the pain […]
Home Equity Loans and HELOCs: Which One is Best for You?
In times past, homeowners could refinance their home mortgage loan in order to gain access to cash needed for expenses such as vacations, renovations, college, medical bills, or debt consolidation. This move put extra money in a homeowner’s pocket while lowering the interest rate on the home mortgage loan. Unfortunately, rising interest rates have made […]