Skip to main content

Less Than Half of Renters Can Afford Monthly House Payments

Phil Hall
Jun 19, 2017
Only 45 percent of the renters in the nation’s major metro areas can afford the monthly payments on a median-priced home in their market areas

Only 45 percent of the renters in the nation’s major metro areas can afford the monthly payments on a median-priced home in their market areas, according to the State of the Nation’s Housing report, released by the Joint Center for Housing Studies of Harvard University. In several of the more expensive metro areas in the Pacific Coast, Florida and the Northeast markets,
 
But finding rental housing is also a major challenge. The study found the rental vacancy rate hit a 30-year low in 2016, despite the increased volume in multifamily housing. And the most recent data (from 2015) determined that nearly 19 million households paid more than half of their incomes for housing.
 
“While the recovery in home prices reflects a welcome pickup in demand, it is also being driven by very tight supply,” says Chris Herbert, the Center’s managing director. “Any excess housing that may have been built during the boom years has been absorbed, and a stronger supply response is going to be needed to keep pace with demand—particularly for moderately priced homes.”

 
Published
Jun 19, 2017
400 Mortgage Loan Originators Caught Trying To Skip School

400 mortgage loan originators nationwide deceptively claimed to have completed their annual continuing education as required by state and federal law.

Industry News
Jan 19, 2022
Infamous Better.com CEO Is Back And Employees Are Upset

After a month-long hiatus or “break” as Garg likes to call it, the CEO is back at the helm of the company.

Industry News
Jan 19, 2022
Capacity Closes $38M In Series C Funding, Surpasses $62M In Total Capital Raised

AI-powered automation platform, Capacity, announced an additional $27 million in Series C funding, closing out the round at more than $38 million.

Tech
Jan 19, 2022
Millennials Are Still Powering The Housing Market

First American Financial Corporation's Potential Home Sales Model for Dec. 2021 revealed that millennial demand is propelling the housing market, thanks to low rates and increased geographic flexibility.

Analysis and Data
Jan 19, 2022
Open Mortgage Adds A Chief Revenue Officer

Scott Harkless will spearhead all wholesale and retail sales functions for the national multi-channel mortgage lender.

Industry News
Jan 19, 2022
Home Builder Confidence Dips Due To Inflation And Supply Chain Concerns

Home builder confidence in the market for newly built, single-family homes fell by one point to 83 in January 2022, according to the National Association of Home Builders and Wells Fargo's Housing Market Index report.

Construction
Jan 18, 2022