Minneapolis may offer the most possibilities for low-income households to become homeowners. The city has the nation’s highest homeownership rate among households in the bottom 25 percent of income at 57.7 percent, according to a new analysis from Redfin of the 50 largest metros. Pittsburgh and St. Louis followed on the list, also having homes that tend to sell for less than the national median of $285,000.“Homeownership allows people to shar
Buyers financing their home purchase can save hundreds of dollars in their first year of owning just by shopping around for a mortgage, according to new study from NerdWallet, a personal finance website.Home shoppers who compare interest rates between five different lenders can pocket $430 in savings in their first year alone, according to NerdWallet’s analysis using a 30-year fixed-rate, $260,000 mortgage.“That savings would accumulate and c
More Americans are paying their mortgages on time than at any point in nearly two decades, according to the Mortgage Bankers Association.Delinquency rates are a key economic measure, closely watched by economists. The last time a large number of homeowners stopped making mortgage payments on time, from 2007 to 2008, it impacted the entire economy.Borrowers who have conventional mortgages are the most likely to pay on time, while borrowers with lo
In 2017, small-town America gained residents for the first time in decades, according to U.S. Census Bureau data.“Moving to a small town lets people afford a quality of life that is really appealing and lets them feel like a part of a community … in a way that so many young people are looking for today,” says Winona Dimeo-Ediger, editor of Livability.com.For the third year, realtor.com® identified America’s best small towns by analyzing
Despite recent declines in home sales, sluggish growth in single-family home construction, and mounting affordability concerns, first-time buyers are outperforming other segments of the market, according to a new report released by Genworth Mortgage Insurance. “The first-time home buyer market has been more resilient during the [housing] slowdown compared to repeat buyers,” writes Tian Liu, chief economist at Genworth Mortgage Insurance.About
Most young adults have financial regrets about their home purchase, a new Bankrate survey shows, but much of their grief could have been avoided with proper planning. That’s where you come in: Younger buyers have a need for more professional guidance about the costs of homeownership.Sixty-three percent of millennial homeowners—more than any other generation—expressed buyer’s remorse, most often pertaining to closing costs, home maintenanc
More Americans are becoming homeowners. The national homeownership rate increased slightly to the highest level since 2014 in the fourth quarter of 2018, reaching 64.8 percent, the U.S. Census Bureau reported this week. The homeownership rate has been gradually increasing since reaching an all-time low of 62.9 percent in the second quarter of 2016.Researchers at data analysis firm CoreLogic attribute the housing market’s “healthy path of reco
After declining for three consecutive weeks, mortgage rates are in a holding pattern. The 30-year fixed-rate mortgage is lower than its average a year ago.“Mortgage remained mostly unchanged this week, while mortgage applications rose 5.3 percent from the previous week,” says Sam Khater, Freddie Mac’s chief economist. “The general decline in rates we have seen recently, combined with rebounding pending home sales, hint at a strong sp
Fewer homes were flipped in 2018, but investors are still on the hunt and have not shied away from quick resales, according to a new report from ATTOM Data Solutions, a real estate data firm.Single-family homes and condos that were flipped fell 4 percent in 2018, reaching 207,957 homes, according to ATTOM’s 2018 U.S. Home Flipping Report, released this week. Home flips comprised 5.6 percent of all single-family home and condo sales last year, t
A decade makes a difference in the housing market, according to a new study from LendingTree, an online mortgage marketplace. Since 2009, the median home value has risen nearly $50,000 across the 50 largest U.S. metros.A financial crisis that ignited in 2008 and continued through 2009 caused many Americans to see their home values drop drastically. But in most places, home values now exceed their former 2006 peaks.LendingTree researchers analyzed
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