Posts Tagged ‘renters’

Millennials Over-Extended and Frustrated with Home-Buying Process

Posted on October 04, 2017 by Laura Lam

Millennials poured some $514 billion into the U.S. housing market over the last year as the largest generation of home buyers, Zillow reported.  But new survey data shows their home-ownership aspirations are stymied by affordability issues, frustration with the buying and selling process, and a cutthroat housing market. More than half of young buyers (53%) make multiple offers to buy their first home, and only 2 in 5 millennials (39%) are able to make the recommended 20% or more down payment.  The results of the Zillow Group Report on Consumer Housing Trends 2017 show how the nation’s highly competitive housing…

Homeownership Rate Declines to Lowest Since 1965

Posted on August 01, 2016 by Laura Lam

The homeownership rate fell to the lowest level in more than 50 years as rising prices put buying out of reach for many renters.  The share of Americans who own their homes was 62.9% in the second quarter, the lowest since 1965, according to a recent Census Bureau report.  It was the second straight quarterly decrease, down from 63.5% in the previous three months. First-time buyers have been struggling to find affordable properties as low mortgage rates and an improving job market spur competition for a tight supply of listings. Home prices rose 5.2% in May from a year earlier, according to…

Low-Income Families’ Budgets are Stretched to the Limit

Posted on April 12, 2016 by Laura Lam

Low-income Americans are experiencing a staggering price hike in housing costs – a change that makes it sometimes impossible to afford basic necessities.  A new Pew Charitable Trusts analysis of data from the Bureau of Labor Statistics shows that in 2013, low-income Americans spent a median of $6,897 on housing. In 2014, that rose to $9,178 – the biggest jump in housing spending for the 19-year period of data that Pew studied. The cost of other necessities, like transportation and food, also rose, albeit not as dramatically. 2014 was the first year that Pew studied in which median spending on these three…