The national homeownership rate rose in 2017 for the first time in 13 years despite the steady increase in home prices, a sign that low interest rates kept monthly housing costs affordable for new homeowners, according to research from the Joint Center for Housing Studies of Harvard University. Other housing trends documented in the State of the Nation's Housing 2018 include enduring constraints on the single-family market, racial disparities in neighborhood poverty levels, lagging household growth, trade-offs between housing and other essentials such as food and health care, and high housing cost burdens.
When you're the newbie buyer on the block, it can be tough out there. What can buyers do to be more competitive when they are against tight inventory for entry level homes and higher prices? Plus, current renters don't have equity from a home sale to help fund the down payment. We break down six ideas that may help buyers (finally!) score a home of their own.
In order to afford a two-bedroom home in Texas, renters earning the minimum wage would have to work 107 hours per week, according to a new study. In Texas, the
fair market rent
for a two-bedroom apartment is $1,005 a month, according to the National Low Income Housing Coalition. To afford that - without spending more than 30 percent of income on their housing - Texans would need to make $19.32 an hour (or $40,185 a year).