Tag Archives: Housing Affordability

Rental market competition was moderate this summer compared to last year, according to a new RentCafe study, with Miami named the most competitive rental market during peak moving season, while two other Florida markets also topped the top 10 list.

Even the most affordable metro areas analyzed in NerdWallet's latest Q2 housing activity report experienced price increases that decreased overall affordability, as rising home prices and high interest rates continue to make the homebuying process even more difficult for potential first-time buyers.

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.

U.S. home prices experienced the biggest increase in 10 months due in part to a significant lack of inventory, increasing 5% year-over-year. Meanwhile, homes in the popular Miami metro surged 17% from last year.

"Housing choice vouchers are some of the strongest tools we have to help families find stable and affordable housing," said U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge. "This year, HUD found that rents rose once again, accentuating the strain on costs for American families.”

Despite the increasing risks of flooding, heat waves, and hurricanes, Americans are still flocking to metros such as Las Vegas, Sacramento, and Tampa, which topped the list of most popular migration destinations in Redfin's latest report.

As many Americans return to work, a new Realtor.com report showing the Hottest ZIP Codes of 2023 revealed homebuyer demand is being fueled in part by the desire for more commute-friendly locations and additional space.

Realtor.com's latest rental report found July as the third consecutive month reporting year-over-year rent declines, meaning "the rental landscape is showing signs of improvement," according to Realtor.com Economist Jiayi Xu.

Researchers from Harvard University's Joint Center for Housing Studies point out that lawmakers and regulators proved during the pandemic that policy-based housing solutions are possible in a time of crisis.

Five California metros have been named the least affordable cities and worst cities to purchase a home for first-time homebuyers, according to a new study from WalletHub. Multiple Golden State areas were also ranked for the highest cost of living throughout the U.S.