Housing affordability

The sharp increases of the pandemic era have added nearly a year to the amount of time the average consumer needs to save for a 20% down payment, according to Tomo.

However, with mortgage rates down and household income increasing, consumers have 129% more buying power today than they did 16 years ago, according to First American.

The gulf between buyer demand and the amount of listings for sale drove housing values to a six-decade peak, according to CoreLogic.

Renters will need to reserve an additional $369 per month to keep up with rising listing prices over the next year, according to Zillow.

A Virginia-based builder announced a line of manufactured housing that features clean energy technology, reduced waste and “plug-and-play” assembly.

Financial inclusion is the civil rights issue of our generation — and getting more Americans, especially younger and minority families, into decent, affordable housing is a critical step on the ladder to financial capability, writes a board member of the National Credit Union Administration.

While purchasing power grew for the 16th straight month in April, surging property values and increased mortgage rate forecasts will keep driving down affordability, according to First American.

Home prices grew at a record annual pace in April but indicators of a possible slowdown popped up in May, Redfin noted.

Remote workers looking across the country for an inexpensive house have a wide net to cast, but a few important socioeconomic factors can narrow the search.

Companies in the government mortgage market that serves low income, entry-level buyers are facing higher forbearance rates and more financial strain than others, making homeownership increasingly unattainable as credit remains tight.