The dream of owning a home is becoming increasingly unattainable for renters, as revealed in a recent New York Federal Reserve survey. The survey found that only 13.4% of renters as of February have hopes of being able to afford a home in the future, marking a significant drop from previous years. This pessimism is
Real Estate
When it comes to renting a place in a major city in Asia, the costs can vary significantly. According to data gathered in April from various sources, the median rental prices for 1-bedroom apartments across major cities in Asia were compiled. These rental prices were based on the median buying price per square meter in
With mortgage rates on the rise, consumers are seeking ways to reduce their monthly payments, leading to a surge in adjustable-rate mortgage (ARM) applications. The Mortgage Bankers Association reported that the share of ARM applications rose to 7.8% of mortgage demand, the highest level of the year. This shift marks a significant increase from when
Recent data from the S&P CoreLogic Case-Shiller national home price index indicates a significant increase in home values, with a 6.4% year-over-year jump in February. This surge follows a previous month’s gain of 6%, highlighting the fastest rate of price growth since November 2022. The 10-city composite experienced an 8% rise, up from 7.4% in
As prospective buyers and sellers prepare for the spring housing market, the focus is on mortgage rates. The average 30-year fixed-rate mortgage has risen to 7.17% for the week ending April 25, up from 7.10% the previous week, according to data from Freddie Mac. With uncertainty surrounding the potential for a rate cut by the
Saudi Arabia’s economy minister recently addressed rumors about scaling back the $1.5 trillion NEOM megaproject, dismissing reports that suggested a reduction in plans for the futuristic desert development on the Red Sea coast. Faisal Al Ibrahim emphasized that all projects are moving forward as planned, highlighting the unprecedented nature of the endeavor. Despite the minister’s
As the spring housing market continues to face challenges such as low supply, high prices, and rising interest rates, homebuyers are turning their attention towards new construction properties. The appeal of new homes lies in the increased availability and incentives offered by builders. According to Nicole Bachaud, a senior economist at Zillow Group, there is
Over the course of the last week, mortgage rates have seen a steady increase, reaching levels that haven’t been seen since November. This rise in rates has resulted in a 2.7% decrease in mortgage application demand compared to the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances has
FEMA’s Hazard Mitigation Grant Program supports local and state governments in purchasing homes that have been damaged by floods, demolishing them, and turning the property into public land. This initiative, known as floodplain buyouts, helps homeowners move away from areas prone to flooding and into safer environments. By creating open space and areas that can
Purchasing a newly built home can often bring about unexpected costs for buyers. The median sale price for new constructions in the U.S. in February was reported to be $400,500, a number that can shock many potential homeowners. However, certified financial planner Veronica Fuentes emphasizes that the final cost of a newly built home is