Affordability is a much more pertinent issue for renters than homeowners, according to new research from CoreLogic, a real estate data firm. Since 2005, the monthly cost to rent a single-family home has risen significantly, while the monthly principal-and-interest mortgage payments of homeowners dropped slightly.CoreLogic’s national rent index jumped 36 percent in December 2018 compared to December 2005. On the other hand, the typical mortgage
Homeowners significantly underestimate the costs involved when planning a home improvement project, finds a new study from Discover Home Equity Loans, based on a survey of 1,200 Americans. Estimated Cost of Common Interior Remodeling ProjectsNew master suite/owner’s suite: $125,000Kitchen upgrade: $35,000Complete kitchen renovation: $65,000Bathroom renovation: $30,000Adding a new bathroom: $59,000Basement conversion to living area: $40,000
This week’s fire at Paris’ Cathedral of Notre Dame is bringing a realization that historic buildings may be prone to such tragedies. The fire spread through the wooden attic, bringing down its 300-foot spire and engulfing two-thirds of the roof, and occurred over just an hour.Building the cathedral attic required the wood of more than 1,300 trees. Attics tend to be dry spaces and, when dust and debris accumulate, they can be even more flammab
As sea levels rise, architects are brainstorming ways to make homes more resilient to flooding. A floating unit is being singled out as a living solution for coastal areas.Oceanix, a nonprofit that designs and builds floating cities, and the MIT Center for Ocean Engineering are showing off a futuristic concept of a floating city. The floating communities can expand, contract, and combine to form cities in prefabricated hexagonal islands of 4
Police have arrested a Parlier, Calif., woman for allegedly trying to dupe home buyers out of thousands of dollars by pretending to be a real estate agent.Maria Flores-Morales, 39, is accused of bilking more than $110,000 from alleged victims who say she promised to help them buy a home. Police say undocumented people who had no experience purchasing a home were targeted in the scheme. Officials believe there could be more victims and are working
House renovation and design television programs may be prompting more buyers to shed some of their fixer-upper fears. Nearly 60 percent of home shoppers recently surveyed said that home renovation television has made them more optimistic about renovations, according to a new realtor.com® survey of about 1,000 consumers who are planning to buy a home in the next 12 months.As inventories remain tight in some markets, home buyers are eyei
When newcomers move into low-income neighborhoods and begin rehabbing homes, it can prompt a much-needed rush of investment into the community. But with gentrification comes higher home prices—and the possibility that long-term residents will be priced out of the market.Gentrification isn't without controversy, but it has transformed many cities such as New York and San Francisco. Realtor.com® notes that gentrification can be a double-edged sw
Get ready for Gen Z. People between the ages of 18 and 23 are eager to become homeowners, and many are already setting aside money for a down payment.More than half of Gen Zers surveyed said they are saving for a home, and 59 percent say they plan to buy a home within the next five years—before they reach the age of 30—according to Bank of America's Homebuyer Insights Report, which is based on responses from nearly 2,000 people. Fur
Mortgage rates have hovered at multi-month lows in recent weeks, but this week, rates inched up across the board. However, economists say they expect overall borrowing costs to remain low, despite the slight uptick.“Rates moved up slightly this week while mortgage applications decreased following last week’s jump in rates—indicating borrower sensitivity to changing mortgage rates,” says Sam Khater, Freddie Mac’s chief economist.
Many homeowners may be one leaky or burst pipe away from a financial crisis.Nearly 20 percent of homeowners admit they have no money put aside for an emergency home repair, according to a survey of more than 1,400 homeowners by HomeServe USA. Yet more than half of the respondents say they’ve had a home repair emergency in the last 12 months.“Part of that can be attributed to the fact that the median age of a home is about 40 years, so th
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