Every week, we search for the most important news that affects people who are buying a new home (or thinking about it) so we can share it with you.
Here’s what we’re paying attention to today:
1. Saving for a down payment is the biggest hurdle for prospective home buyers
According to a recent survey by Zillow, saving for a down payment is the biggest hurdle renters face when thinking about buying a home. The survey showed that 70% of prospective home buyers cited it as a reason for not buying a home. The second biggest hurdle, according to the survey, is qualifying for a mortgage. To qualify for a mortgage, a home buyer must meet the requirements set by a lender, including having a sufficient down payment. (Home buyers should consider using a home ownership investment from a company like Unison that can double their down payment) Fifty percent of renters also cited debt (i.e. consumer or student loan debt) as a significant hurdle to buying a home.
2. Rental rates increase in many cities
Speaking of renters, many are facing higher rental rates, as monthly rents continue to increase in cities across the U.S. A new report from Zumper shows rents increasing in all over the country. The report indicates that among the 5 cities with the highest rents, 3 are located in California’s SF Bay Area. The top 5 cities are: (1) San Francisco, (2) New York, (3) San Jose, (4) Boston, and (5) Oakland.
3. Home prices rise in the 20 hottest real estate markets
Realtor.com has released their latest report on the hottest housing markets in the country. There are a few surprises on the list, such as Fort Wayne, Indiana, and Grand Rapids, Michigan. See the full list here.
4. Inflation was lower in March, but could rise in 2017
The cost of goods and services for U.S. consumers fell in March for the first time in more than a year, according to economic data released by the federal government. One of the primary reasons for the decline was lower gas prices. However, despite the March data, there is reason to believe that inflation will continue to increase later in the year.
5. Tax breaks that are too often forgotten by homeowners
There are a few tax breaks that homeowners forget — don’t make that mistake. Be sure to check out this article from Redfin that details these crucial tax breaks, including ones for mortgage interest, mortgage insurance, property taxes, moving expenses, and inheritance.
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