Real Estate News 06/24/2024

Today’s News Synopsis:

The income renters need to afford the typical apartment is the highest since 2022 amid a rebound in asking rents, which are now just $47 shy of their record high.

In The News:

Redfin – “Renters Must Earn $66,120 to Afford the Typical U.S. Apartment“ (06-24-24)

“Just 39% of renters make enough to afford the median-priced apartment”

Yahoo Finance –  “More and more renters are staying put. That’s ‘not going to change anytime soon.’“ (06-15-2024)

“Mortgage rates are currently hovering around 7%, continuing to make borrowing expensive for potential buyers. Higher rates have also convinced many current homeowners to delay moving since they financed their homes at lower rates. That’s kept a lid on supply and helped drive home prices sky high.”

Realtor.com –  “Home Prices Hit Record High in May as ‘Lock-In’ Effect Crimps Existing Housing Supply” (06-21-24)

“Sales of existing homes shrank by 0.7% in May compared with April, according to a recent report from the National Association of Realtors®.”

Forbes – “6 Spring 2024 Tips For Home Buyers And Sellers” (06-19-2023)

“The housing market is in a strange place this spring. The number of homes for sale is improving but remains historically low, and high mortgage rates have pushed many would-be buyers out of the market.”

Zillow – “Buyers Needs a $127,000 Down Payment to Afford a Typical Mortgage Payment” (06-20-2023)

“A median-income household would need to put 35.4% down to afford the payments on a typical U.S. home.”