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Tag Archives: Homebuying

Affordability Challenges Hindering Prospective Homebuyers

Two new studies from the National Association of Realtors show that elevated home prices and limited housing supply are continuous homebuying barriers cited across different races and ethnicities, hampering home sales and affecting prospective buyers nationwide.

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Renting vs. Buying: Examining the Cost of Homeownership

Potential first-time homebuyers looking to shift from renting to homeownership in 2023 are facing mortgage rates that are nearly 4 percentage points higher than the low point in Q4 2020, limiting their purchasing power. In a new analysis, First American Economist Ksenia Potapov revealed the costs of renting against the costs of owning a home.

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Rising Home Prices Fueled by Ongoing Supply Shortage

Redfin's latest housing market update showed that the total share of homes on the market is down nearly 18% year-over-year, representing the biggest decline since February 2022. A significant lack of homes for sale caused home prices to rise nearly 5% annually, as mortgage-purchase applications remain at their lowest level in nearly three decades.

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Homebuying Remains Out of Reach for Many

According to a new Home Bay study, it is more affordable to rent than buy a home in 90% of the most populous U.S. cities. Research found that, on average, renters save an estimated $174 a month, totaling $2,088 per year.

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