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Sacramento Torn as Lawmakers Attempt to Rezone Single-Family Lots

Pro Builder

Sacramento Torn as Lawmakers Attempt to Rezone Single-Family Lots. Only permitting new multifamily developments on single-family lots is the most recent move by Sacramento lawmakers meant to address the housing shortage, but it’s expected to make little impact. cbroderick. Thu, 08/26/2021 - 10:28.

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High-Income Millennials Aren’t Backing Out of the Rental Market

Pro Builder

High-Income Millennials Aren’t Backing Out of the Rental Market. Not only are apartments becoming more difficult to find, but high-income millennials priced out of an expensive real estate market are also driving up competition by raising the average credit score of applicants for available rental properties. Thu, 12/30/2021 - 10:24.

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Here Are the Most Affordable Destinations for Migrating Homebuyers

Pro Builder

The top destination for migrating buyers is Sacramento, where the average home is $540,000 compared with San Francisco’s average $1.5 Las Vegas is another hotspot for out-of-state buyers, and Florida’s relatively inexpensive real estate makes it a desirable location for incoming house hunters as well. million home price tag.

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10 of the Hardest Metros to Snag a Home

Pro Builder

The site reviewed the payment-to-income ratios, number of homes on the market compared to households, and the average price cut for homes sold recently. Los Angeles-Long Beach-Anaheim, California has the highest down payment-to-income ratio in our study, at 1.71. Sacramento-Roseville-Folsom, CA.

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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.

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High Prices Keep Homes Out of First-Time Buyers' Reach

Pro Builder

times higher than the typical first-time buyer income. times median first-time home buyer income in the third quarter, followed by St. times the median first-time buyer income, followed by San Diego (8.6), San Jose (7.9), San Francisco (7.4) and Sacramento (6.8). and Sacramento (6.8). and Cleveland (3.7).

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Rent Burden is Greater for Minority Households

Pro Builder

Black and Latinx renters spent 34% and 32.1%, respectively, of their monthly income on rent. Zillow research found that white and Asian households nationwide typically spent less than 30% of their monthly income on rent in August, but Black and Latinx renters spent 34% and 32.1%, respectively. But while white households in St.