Blog Posts By Date: January 2022
On January 6th, 2022, ATTOM released its 2022 Rental Affordability Report, which proves that owning a median-priced home is more affordable than average rents on a three-bedroom property in 666, or 58%, of the 1,154 U.S. counties analyzed in this report. That means major homeownership expenses consume a smaller portion of average local wages than renting.
That can be pretty hard to believe, considering how much the median price of homes skyrocketed since the start of the pandemic, but the data does not lie. Home prices have increased more than average rents and more than average wages in 88% of the counties analyzed. more...
Following a few months of moderating prices last spring and summer, lumber prices are soaring once again; Disrupting the housing market and harming housing affordability.
Over the past four months, lumber prices have nearly tripled — causing the cost of an average new single-family home to increase by more than $18,600, according to NAHB standard estimates of lumber used to build the average home. This lumber price hike has also added nearly $7,300 to the market value of the average new multi-family home, which translates into households paying $67 a month more to rent a new apartment. more...