Why it's getting even harder to keep a roof over your head | CNN Business

  • 📰 CNN
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 95%

United States News News

United States United States Latest News,United States United States Headlines

While there are some signs of cooling in the market, it doesn’t look like there will be much relief in sight for home buyers.

Rents are up by double-digit percentages in some cities. Meanwhile, buying a home is the most unaffordable it has been since the mid-1980s. Mortgage rates have surpassed 6% and home prices remain just off the record highs hit in recent months, pricing many prospective homebuyers out of the market. And while there are some signs of cooling in the market, it doesn’t look like there will be much relief in sight for home buyers.

A year later, the income requirement was $108,000. This cost increase means that about 4 million renter households who could have bought the median priced home last year could no longer do so twelve months later, according to the Joint Center for Housing Studies of Harvard University. Without a home to buy, renters are staying put, pushing rents up even further in an already-tight market.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Cheap money caused the prices to hike, companies like blackrock also bought many houses in bulk removing them from the market and increasing values. But hey it's the market working.... People really need to wake up

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Learning the Ropes of the Music Business with the Music Industry Essentials CourseNavigating the music business can test even the most seasoned professional’s patience, which is why Billboard, Yellowbrick, and New York University’s Clive Davis Institute of Recorded Music created…
Source: billboard - 🏆 112. / 63 Read more »