Home Prices Now Rising Faster in Car-Dependent Neighborhoods Than in Walkable Places as Buyers Chase Affordability

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Market trends suggest that many homebuyers are prioritizing affordability above walkability.  Home-sale prices in walkable neighborhoods across the country increased 2.3 percent year over year to a median $343,900 in July, compared to 4.3 percent annual growth to a median $312,100 for homes in car-dependent areas.  That’s according to data from Walk Score®, a Redfin company that rates the walkability … Read More

Race Gaps in Homeownership Rates and Home Equity Have Widened During the Decade-Long Economic Expansion

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Since the end of the Great Recession, the homeownership rate for black Americans has fallen 5 percentage points to 40.6%. And while majority-black neighborhoods have seen an average of $121,000 in home-equity gains, it’s $191,000 for majority-white neighborhoods. Black Americans haven’t benefited from the prosperous U.S. housing market as much as white Americans in the past decade’s economic expansion, during … Read More

Here are the Most (And Least) Affordable Metros for Getting Married and Buying a Home in the Same Year

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Cleveland, where the average wedding costs $22,000 and the typical down payment is $34,000, is the most affordable place to get married and buy a new home.   Engaged couples in Cleveland , Detroit and Pittsburgh can have their wedding cake and eat it too–in their new home, that is. That’s because these three Midwestern metros are the most affordable … Read More

Elizabeth Warren’s Plan to Forgive Student Debt Could Help Millennials Buy Homes 3 Years Faster

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Aspiring homebuyers in expensive coastal markets would see the biggest benefits, but the plan would do little to help the overall housing affordability crisis. A couple of weeks ago, 396 graduating seniors at Morehouse College in Atlanta received a massive graduation gift: their student debt was eliminated by billionaire Robert F. Smith . Thanks to his generosity, these newly debt-free … Read More

A Typical Boston Homebuyer’s Monthly Housing Costs Jumped $225 Thanks to This Year’s Mortgage Rate Hikes

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Similar increases are common in many other markets, leading buyers to ask: “Should I wait and see if prices fall or buy before mortgage rates go up even more?” If you’re currently searching for a home to buy, or thinking about buying sometime soon, mortgage interest rates are probably on your mind. The rate hikes and home price growth over … Read More

Migration Patterns Show More People Leaving Politically Blue Counties

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In the first half of 2017, more people moved from blue (Democratic) counties to red (Republican) counties than from red to blue counties, according to data on Redfin.com user searches. Counties were classified as “blue” if the Democratic candidate for 2016 won by more than 20 percentage points and vice versa for “red” counties.1 Overall, 7.4 percent more people moved … Read More

Priced Out: The Housing Affordability Gap in America’s Largest Metros

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Housing affordability is a growing problem for the middle class. As home prices across the nation’s 30 largest metro areas have increased by 26 percent since the market bottomed in 2012 and the median household income edged up just 1.6 percent nationally, housing affordability for the middle class has dwindled. In 2012, a family earning the area median income could … Read More

Mapping FHA Loans Shows Where Cities Need More Housing

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In the hottest job markets, federal loan programs aren’t helping people land homes in the areas that are closest to the best jobs. Federal Housing Authority (FHA) borrowers are often working-class first-time homebuyers. In hot job markets, the supply of affordable homes close to work is so limited that FHA homebuyers chase affordability into neighborhoods that are far from their … Read More