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SmartAsset: How Much Money Do You Need to Make to Pay Rent in Large American Cities?

Pro Builder

Rising inflation and high interest rates are making housing affordability a challenge for many Americans. Housing costs in larger cities like New York and Los Angeles are getting hit even harder, making the cost of living less than comfortable. Instead, it recommends a rent-to-income ratio of less than 30%. .

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Migrating Buyers Are Taking Over Regional Markets With Big Budgets

Pro Builder

gap between local and migrational budgets, followed by New York City, where incoming buyers had 26.5% As remote work became permanent for a growing number of Americans in 2021, higher-income buyers were able to expand their home searches, and many flocked to the most in-demand cities offering greater affordability. Housing Markets.

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Affordability Remains Top Struggle for Buyers

Pro Builder

median family income of $77,774. In some areas, such as Los Angeles and Boulder, Colo., It’s especially difficult for first-time buyers who hope to take advantage of relatively low—but rising—mortgage rates, yet have no funds from selling a house to bolster their offers. home prices are nearly double the national average.

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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. Read more Housing Markets Affordability New-Home Sales Housing Markets

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Could Declaring a Right to Housing be the Way to Solve Homelessness?

Pro Builder

Could Declaring a Right to Housing be the Way to Solve Homelessness? In the city of Los Angeles, the housing gap is illustrated by multi-million-dollar homes steps away from homeless encampments—but the Los Angeles Times argues wealth should not be a determining factor for fair housing. cbroderick.

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Billionaire MacKenzie Scott Is Donating Two of Her Homes to Fund Affordable Housing Initiatives

Pro Builder

The organization plans to sell both homes and use 90% of the earnings to fund affordable housing initiatives. The homes are worth a combined $55 million, CNBC reports. Read more Financing Affordability Financing

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Housing Affordability Faces Looming Challenges

Pro Builder

Housing Affordability Faces Looming Challenges. Low mortgage rates buoyed housing affordability as home prices hit record highs during the fourth quarter of 2020. Housing prices reached $320,000 during the fourth quarter of 2020 as mortgage rates fell to 2.85%. Los Angeles-Long Beach-Glendale, Calif. cbroderick.