10 Cities With the Most House-Poor Homeowners (and 10 With the Fewest)
10 Cities With the Most House-Poor Homeowners (and 10 With the Fewest)
In some cities, many people spend more than half their income on housing.
This story originally appeared on SmartAsset.com.
According to the U.S. Department of Housing and Urban Development, a household that spends more than 30% of its combined income on housing is considered “cost-burdened.” And households spending over 50% on housing are considered “severely cost-burdened.” Many homeowners nationwide facing constraints based on their housing expense ratio may need to rethink their housing budget and move forward with a different personal finance plan. Some cities are more affected than others, however, which is why SmartAsset decided to take a closer look at the data to identify the cities with the most and fewest of these cost-burdened homeowners.
10 Cities With the Largest (and Smallest) Homes in America
10 Cities With the Largest (and Smallest) Homes in America
When it comes to buying a home, in some cities, you ll pay more and get less.
This story originally appeared on Filterbuy.
The size of new single-family homes has increased substantially in the last few decades. However, a recent trend in slightly smaller homes that began several years ago might be reversed by the COVID-19 pandemic. As homebuyers spend more time at home, they are seeking houses with more space. According to data from Realtor.com, the median size of residential listings in the U.S. was 1,838 square feet in 2020, but home sizes vary widely by market.
15 Cities With the Most Expensive Homes per Square Foot
15 Cities With the Most Expensive Homes per Square Foot
Homebuyers in these metros might experience some sticker shock.
One of the COVID-19 pandemic’s most noteworthy economic effects is the unusual set of conditions currently facing the real estate market.
After a full year of working and schooling from home and with many employers considering whether to continue remote work arrangements even after the pandemic is under control living space is at a premium. Simultaneously, government stabilization and stimulus measures during the pandemic, including sustained low interest rates and multiple rounds of cash payments to individual households, have pumped money into the economy. For middle and upper-income earners whose jobs easily transitioned to remote work and never experienced the economic shock of losing a job these measures have helped boost savings rates to record levels. A growing number of would-be homebuyers now hav
Cities With the Most (and Fewest) Real Estate Agents
Depending on where you live, you may have no trouble finding a real estate agent.
Like many other sectors of the economy, the real estate market was shaken in 2020 due to the effects of the COVID-19 pandemic. Shutdowns and social distancing measures slowed down real estate transactions in the spring, bringing home sales down to their lowest levels since 2007. As time has gone on, the real estate market has produced both challenges and opportunities for buyers, sellers, and their real estate agents, making it difficult to predict trends moving forward.
On the buyers’ side, low mortgage interest rates have continued to spur demand overall, and the new normal of work-from-home has made more workers reconsider the value they place on where they live, commute times, and home amenities. Meanwhile, some households have lost jobs and income due to the economic repercussions of the pandemic, while others are in a position to enter the