Hawaii ranked first with 31.8% of households spending > 30% on housing. Hawaii is also the most expensive state to buy a home, attributed to limited land for development. Other states with high percentages of homeowners with housing cost burdens: California: 29.7% New Jersey: 28.5% New York: 26.4% Connecticut: 26.2% Massachusetts: 25.5% Florida:...
The down payment on a home is a percentage of the property's price paid for in cash upfront. Conventional loans require a minimum down payment of 3 percent, while FHA loans require 3.5 percent. VA loans and USDA loans don't require a down payment. In April 2023, 40% of respondents cited the inability to afford a down payment and closing costs as a hurdle to homeownership. Most states and...
Brian Chesky and Joe Gebbia founded Airbnb in 2007, and it has since grown to become a major player in the hospitality industry, worth more than Hilton and Wyndham combined. However, due to its rapid growth, various municipalities have imposed restrictions on short-term rentals in areas with a large Airbnb presence, including San Francisco, Carmel, Santa Monica, Mammoth Lakes and San...
California has added >123K housing units, reaching a 15-yr high. Single-family homes made up 54% of new construction. Also, 44% were multifamily units and 1% were mobile homes. The state’s goal is to build 2.5M homes by 2030, revised from the original goal of 3.5M by 2025....
The pandemic has had a major effect on the office sector, resulting in higher vacancy rates and a transformation in what employees are seeking from their office environment. Companies are now choosing urban mixed-use projects offering a variety of amenities, such as childcare, groceries, food, and health and fitness. The ROW DTLA is a prime example of this, having secured over 300,000 square feet of...
Senate Bill 584, by state Sen. Monique Límon, seeks to impose a tax on short-term rentals (Airbnb, Vrbo, etc.), in order to raise funds for low-income housing. However, this bill would end up deterring people from seeking short-term rentals and increase costs, while also mandating expensive labor-union wages for private contractors. This would punish short-term rental owners and consumers in order to...
For decades, the recommended down payment on a house has been 20%, however due to rising home prices, the average down payment in 2022 was just 6%. Recently, two major lenders have started offering some customers mortgages with only 1% down payments, to help those struggling to buy a home. However, this lower down payment comes with higher monthly payments and a higher interest rate, as the lender takes...
The housing market may look different for 2nd-time homebuyers than for first-time buyers. Sourcing a down payment may be harder, but selling your current home can provide funds. 2nd-time homebuyers should research different mortgage qualification programs. Consider working with a Real Estate agent who has experience with second-time home buyers....
A shortage of homes for sale is creating a difficult market for buyers in the US. The number of homes for sale is at a record low, and prices are ↑ due to high demand. The pandemic has caused a shift in housing preferences, with many people looking for larger homes in suburban or rural areas. The low supply of homes for sale is also due to a lack of new...
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