In the current housing market, renting is increasingly becoming a more affordable option compared to buying a home in major US cities. According to Bankrate, the typical monthly mortgage payment for a median-priced home is $2,703, while the typical monthly rent is $1,979, representing a 36.6% difference. Housing experts have revised mortgage rate forecasts for the remainder of 2024, indicating that rates will remain high. The median US home sale price hit a record high in April at $433,558, and the average British house price has reached a record high of £375,000, as reported by Rightmove. Many homeowners who secured low-interest rates years ago are hesitant to sell, contributing to the ongoing housing shortage. Millennials are particularly affected, as homes are now nearly 80% pricier for them compared to baby boomers when they were in their 30s. Additionally, the median home now costs 7.6 times household income, surpassing the peak of the 2008 housing bubble. Experts predict that home prices will continue to rise, with Americans expecting another 5.1% increase.
It's been a tough year so far for home buyers, who are facing the double whammy of high housing prices and rising loan rates. Unfortunately, the remainder of 2024 may not offer much relief, at least according to economists at mortgage buyer Freddie Mac. https://t.co/7qZ4GRwRty
Home prices are crushing family's budgets. https://t.co/Wrc9k70oy1
"Whether to rent or buy a home is one of toughest financial decisions most Americans have to make. And if you're renting, that means making extra choices about how to build wealth," states @WhitneyTilson ➡️ https://t.co/KppCOExnaQ https://t.co/LIw8sPgYdB
An overwhelming majority of homes in the U.S. are overvalued as steep mortgage rates and an ongoing housing shortage push the price of real estate even higher. https://t.co/VrtuM7oQZ8
RENTING IS INCREASINGLY CHEAPER THAN BUYING A HOME (Newsweek) Aspiring homeowners who have been waiting for years for prices and mortgage rates to come down and supplies to expand are likely to continue putting off purchasing a property, as renting is currently more affordable… https://t.co/tFuIVvPl7c
How bad housing affordability has become? Buying a home in the US was harder than expected for 1 in 3 buyers who purchased a home in 2023 or 2024. Since purchasing a home, 44% of new homeowners have taken on additional debt to maintain their lifestyle. Furthermore, 43% of… https://t.co/vn8PxNw9kN
Average house price tag rises to record high of £375,131 @CallumCMason reports https://t.co/y1IZjhaCrT
Mortgage rates remain high throughout the U.S. and a lack of supply is keeping home prices up. Here's what the experts have to say about what's to come. ⬇️ https://t.co/0UhEcbS8K4 https://t.co/2OM2vvFnc3
The median home now costs 7.6 times household income. That’s even higher than the 2006-2008 housing bubble, and it would shock previous generations. It’s going to get worse: the Fed’s own research says Americans are expecting another 5.1% rise in home prices — $20,000 — in the… https://t.co/IoN91MjKzJ
Many homeowners secured a low interest rate when they bought their home years ago, making them hesitant to sell. Check out our latest outlook to see how this interest rate dispersion varies by generation and what implications it will have for the housing market.
It’s now cheaper to rent than buy in all 50 of the top metros nationwide, per Bankrate. The typical monthly mortgage payment for a median-priced home ($412,778 per Redfin) is $2,703. Meanwhile, the typical monthly rent is $1,979 as of February, a 36.6% difference.
Millennials are facing a staggering reality: homes are now nearly 80% pricier for them than they were for baby boomers when they were in their 30s, adjusting for typical income levels. See what salary you would need to earn to buy a home in every state: https://t.co/aEVWkJolhe https://t.co/Telvuq4VSI
New data says a house now costs nearly 8 times annual income. That's twice the historical average. In fact, it's above the *peak* of the 2008 housing bubble. Add on soaring mortgage rates and the interest paid on the median home went from $150,000 pre-pandemic to over… https://t.co/7r86cLAz3X
The median US home sale price hit a record high in April at $433,558. @Redfin https://t.co/Uj1sua76FP
Renting is increasingly cheaper than buying a home https://t.co/SMHORfpwLV https://t.co/hnKSV6sWi0
Either by choice or by being priced out of the market, many people have decided that renting forever is their best — or only — option. (via @nytimes) https://t.co/VgpQ2AzMdi
Asking prices for UK homes hit record high, Rightmove says https://t.co/RtbWW01xSB https://t.co/1QbcZ5vnfi
For years new home-buyers in America have enjoyed lower housing payments than renters. But today the choice between buying and renting looks very different. Read why https://t.co/M5F6LJcEwA 👇
⚠️ ASKING PRICES FOR UK HOMES HIT RECORD HIGH, RIGHTMOVE SAYS Full Story → https://t.co/w02LDpRAEJ https://t.co/9LTcmn4X63
Average British house price hits record high of £375,000 https://t.co/kXb4Kpl3gr
Young homebuyers are facing huge challenges when it comes to getting on - and staying on - the housing ladder. https://t.co/pXigtfyPQI
“I’m building investment accounts much faster than I would ever build equity in the house” The people choosing to rent for years instead of buy a home @nytimes https://t.co/7Lb9EPgNPL
Housing experts revise mortgage rate forecasts for remainder of 2024 https://t.co/XR6R3Y8KiZ by @RebeccaChenP
Renting is still way cheaper than buying in most major US cities — the best news for landlords since the end of pandemic discounts https://t.co/u0XJpY2BS8