The U.S. housing market is experiencing significant shifts with rising mortgage rates and growing wealth disparities. The Wall Street Journal highlighted an increasing wealth gap between older homeowners and younger generations, exacerbated by rising asset prices. Concurrently, mortgage rates have surged, with 30-year rates reaching 7.4% this week, according to Mortgage News Daily. This has impacted home affordability, pushing homeownership out of reach for many, as nearly 40% of renters now believe they will never own a home. Despite these challenges, the spring housing market has seen an increase in inventory, though homes are selling as quickly as last year, matching pre-pandemic pace. Older, wealthier Americans continue to drive the economy, benefiting from gains in the stock and housing markets, while younger Americans struggle with high costs, making renting more cost-effective across major U.S. metros. Wall Street's significant role in buying up homes has prompted lawmakers to consider regulatory measures. Additionally, home-buying affordability has fallen to its lowest level since 1985, requiring over 40% of a median household's income to cover payments on a median-priced home.
Renting now beats buying in all 50 major U.S. metros according to Bankrate’s latest study highlighting the cost-effectiveness of renting vs. buying a home. See the full report by @alex_gailey here: https://t.co/x33tP2enr4 #homeaffordability https://t.co/KKZoBb4zGl
Home sellers are returning to the market: The weekly volume of new listings is higher than at any time last year. And growth is happening in most places, with Florida and Texas leading the way. https://t.co/ZmtDs5KNjC
Mortgage rates are back above 7%. Home buyers say they are resigned to the fact that the Federal Reserve won’t be lowering rates. But the Fed isn’t the only factor influencing mortgage costs. https://t.co/asOs8mhPZU https://t.co/asOs8mhPZU
Lawmakers want to ban Wall Street from buying up more single-family homes across the US https://t.co/ksTlObm2Rb https://t.co/ot1jgaCjqV
2023 was rough for many home buyers. So, we reached out to a number of experts for their real estate forecast for the next 5 years to see when they expect conditions to lighten up. By @Martinspired https://t.co/Vpt3ZroZFI
As home sellers, buyers wait on a Fed cut, here's how mortgage rates have impacted the spring housing market https://t.co/CRK9EFy0SZ
End of the Wall Street landlord? Lawmakers take aim at hedge funds scooping up family homes to rent out https://t.co/zLDt9eiHGH https://t.co/azimGNKEet
🇺🇸 Affluent Americans are driving US economy and likely delaying need for Fed rate cuts https://t.co/LRiRT6VjkZ
Affluent Americans are driving US economy and likely delaying need for Fed rate cuts https://t.co/nNSZ6bFEIj https://t.co/PzZDVdHZnp
The dream of homeownership remains increasingly difficult for most Americans to achieve due to rising costs. Renting may be the best option for those looking for a house to call their own. https://t.co/PoCGjlS1oU
Affluent Americans are driving US economy and likely delaying need for Fed rate cuts https://t.co/0lUyTtcnZ1 via @YahooFinance
Wall Street Has Spent Billions Buying Homes. A Crackdown Is Looming. https://t.co/jwpFkpOqng
Older, wealthier Americans who own homes and cars have been much less affected by the Fed's rate hikes. By contrast, younger Americans are enduring a combination of expensive home prices and high mortgage rates, making it much harder to buy a first home. https://t.co/xcABoVCPrI
Older Americans are fueling a sustained boost to the U.S. economy. Benefiting from outsize gains in the stock and housing markets over the past several years, they are accounting for a larger share of consumer spending than ever before: https://t.co/o7PuOy9g53
"Home-buying affordability fell last year to the lowest level since 1985, according to a National Association of Realtors index. The median household now needs more than 40% of its income to cover payments on a median-priced home, according to the Federal Reserve Bank of…
MyPOV: Ownership housing, not Wall Street owned rentals. Wall Street went on a home-buying spree. Now, more lawmakers want to stop it from ever happening again. https://t.co/YvpvBhpghW via @WSJ
America, we have a problem. According to the government's own data, individual homebuyers have outmuscled investors over the last eight years-- gaining market share and pushing up the homeownership rate to some of the highest levels in history outside of the bubble / GFC years.… https://t.co/LauTI46uHg
Spring 2024 Tips For Homebuyers And Sellers via @forbes https://t.co/jXZCuiUJ00
Read my tips for homebuyers and sellers to help navigate this unusual 2024 spring market. 🌻🏘️ https://t.co/fo7LiiHTlQ
SKY-HIGH HOUSING COSTS PUSH HOMEOWNERSHIP OUT OF REACH FOR MANY U.S. RENTERS (MSN) Nearly 4 in 10 renters in a new nationwide survey say they don’t believe they’ll ever own a home, up nearly a quarter from less than a year ago. Rising home prices and mortgage rates continue to… https://t.co/N2rku5xG2J
Affluent Americans are driving U.S. economy and likely delaying need for Fed rate cuts https://t.co/Kx0OXxTWOC
Older Americans are fueling a sustained boost to the U.S. economy. Benefiting from outsize gains in the stock and housing markets over the past several years, they are accounting for a larger share of consumer spending than ever before. https://t.co/l3sGc3sOzg
If you can't afford to buy a home right now, let it go. Renting's more cost-effective now anyway in all 50 of the largest U.S. metro areas, data show. https://t.co/ARzg7l8drs
More choice, but still fast-moving. The https://t.co/Ihh7MDZM5d Weekly Housing Trends showed that even though more homes are for-sale, days on market matched the year ago pace, which is roughly 2 weeks faster than prior to the pandemic. https://t.co/jERxIii1W8 https://t.co/mJEJASalts
Mortgage Rates Are Above 7%. How to Score a Lower One. https://t.co/84g0JMjxHQ
Spring housing market gets more inventory https://t.co/fBdt6J00Xa
Spring housing market gets more inventory: We’ve now had back-to-back weeks of healthy housing inventory growth, making spring 2024 much healthier than spring 2023. https://t.co/bIBH9waXgD
30-year mortgage rates hit 7.4% this week, per Mortgage News Daily. Would you try to buy a home now, given the rates?
UNITED STATES: The Wall Street Journal reports that rising asset prices are 'wedging an increasingly large gap between the wealth of older generations and their children and grandchildren', with the gains 'heavily concentrated in older Americans who are already homeowners'.