article thumbnail

Where Does It Take the Least Time to Save Up for a Down Payment?

Pro Builder

ldeakins Thu, 01/19/2023 - 10:48 Saving up for a down payment to buy a home depends, in large part, on household income. metro areas, however, saving for a down payment takes just under five years, thanks to a relatively high median household income. Where Does It Take the Least Time to Save Up for a Down Payment?

article thumbnail

How Detroit’s New Land Value Tax Plan Could Serve as a Model for the Nation

Pro Builder

Luckily, a new land value tax plan from Detroit’s mayor will redistribute a portion of the collected rent or imputed rent from landowners back to the city to encourage development of more rental units while discouraging building vacancy, Forbes reports.

Detroit 52
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

First-Time Homebuyers Found No Relief From Rising Prices in Q4 2021

Pro Builder

times median first-time home buyer income and 5.3 Detroit joined this lineup, nudging out Minneapolis and Baltimore. times median first-time buyer income, Cleveland (3.1), St. Louis (3.3), Buffalo, New York (3.5), and Detroit (3.5). times first-time buyer income, compared with 12.1 last quarter. Housing Markets.

article thumbnail

Home Value Appreciation Outpaced Median Salaries Across 25 Metros in 2021

Pro Builder

Home prices rose faster than median incomes in the majority of metro areas tracked by Zillow in 2021. metros tracked by Zillow in 2021, compared to just five metro areas where home value appreciation outpaced median income in 2020, CNBC reports. Detroit and St. Mon, 03/21/2022 - 09:51.

Metro 52
article thumbnail

Production Builders Taking a New Approach to Affordable Housing

Pro Builder

According to Forbes, less than 3% of homes completed in 2019 were affordable for buyers making between 80% and 120% of the area’s median income. According to a September 2020 US Census Bureau report, the median household income in the US in 2019 was $68,703.

Housing 52
article thumbnail

Cities Where Buyers Can Afford the Most and Least

Pro Builder

Data compared included median household income in each city, average non-mortgage debt, and median home values. The top three cities where Americans can afford the most home are Detroit, Memphis, and Oklahoma City. Detroit and Oklahoma City stay affordable; Oakland becomes less affordable. Key Findings.

article thumbnail

First-Time Buyer Affordability Fell Sharply in Q1 2022

Pro Builder

Market hurdles like historically low housing supply, surging mortgage rates, and stagnant income growth are keeping first-time buyers sidelined at the start of 2022. Inflation significantly outpaced income growth at the start of 2022, with homes in the most populous metro areas costing six times the typical first-time buyer income.