A report from the National Association of Realtors shows the average home buyer this past year had a six-figure income. Others face challenges in a period of high prices and costly home loans.
The median home price has risen to $413,800 – the second-highest price ever — thanks to a shortage of homes on the market and high mortgage rates. Experts say renting may be a better option.
Skyrocketing rents and home prices have been a major part of voters' economic pain. New spending will go toward building and subsidizing more housing, and helping people avoid homelessness.
The highest rates in 20 years are dashing the dreams of some would-be homebuyers. Others stretch to buy but spend close to $1,000 a month more in monthly payments for a typical house.
The super-heated housing market is cooling off. Home prices have fallen about 6% since their peak in June. The pace of sales also fell for the 7th straight month.
With mortgage rates up sharply, many more homebuyers are turning to adjustable rate loans. These can be more affordable, at least at first. But they come with a big risk. Is it worth it?
During the past two years, home prices nationally have soared more than 30%. Rising mortgage rates make affording a home even harder. That has many people wondering if we're in another housing bubble.
Higher mortgage rates and home prices have pushed the monthly payment to buy the median-priced home in the U.S. up more than 50% since the start of last year. Many first-time buyers can't afford it.
Sales of existing homes fell 6.6% in February from the month before. Meanwhile, prices are up 16% over the past year, giving homeowners about $2 trillion more in equity and widening the wealth gap.
