Many renters are making moves toward homeownership as quickly rising mortgage rates and rents have them feeling increased pressure.Average monthly rents climbed more than 14% year over year in December 2021, reaching $1,877. Miami and Austin, Texas, have seen rents surge more than 30% over the past year.Economists point to homeownership as a way to stave off inflation and build wealth, The Wall Street Journal reports. But higher rents a
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Millennials continue to make up the largest segment of home buyers in U.S. real estate. In which metros are they most active?LendingTree recently analyzed mortgage offers given to millennial applicants across the nation’s 50 largest metros in 2021.Millennial home buyers are most dominant in Denver, Seattle, and Boston, researchers found. In Denver, they comprise 63.63% of mortgages, followed by Seattle (61.35%) and Boston (61.08%).Find out the
As the weather cools across the country, frozen pipes in homes or businesses are a growing risk. Pipes can freeze, swell, and crack, leaving owners with costly flood damage.Any pipe exposed to temperatures below 20°F for several hours runs the risk of freezing.The biggest areas at risk are unheated areas, such as in the basement, attic, garage, or crawl spaces, according to Emerson, a global technology, software, and engineering compan
Homeowners are seeing soaring profits when they sell. Home sellers nationwide saw a profit of $94,092 on a typical sale in 2021, according to a recent report from ATTOM Data Solutions. That is up 71% from two years ago when it was $55,000.Seller profits rose in more than 90% of housing markets analyzed by researchers. Some markets are seeing seller profits surge at even higher rates than others, particularly in several California markets.ATT
Classic white remains the most popular color choice in kitchens, but homeowners continue to experiment with wider palettes for that room and other areas of the home.“With white kitchens, there’s never a risk of looking dated in a few years, while the sleek minimalistic feel is effortlessly complemented by dark counters or contrasting kitchen accessories,” says Living Cozy, a home design resource, which analyzed global search data about desi
Mortgage rates held steady overall this week, a welcome relief to home shoppers who may have been watching them rise week after week since the beginning of the year.The 30-year fixed-rate mortgage averaged 3.55% this week, Freddie Mac reports.“Following a month-long rise, mortgage rates effectively stayed flat this week,” says Sam Khater, Freddie Mac’s chief economist. “Recent rate increases have yet to significantly impact purchase deman
As the pandemic caused by COVID-19 has continued, more young adults have chosen to move back home with their parents. In 2020, the share of young adults aged 25 to 34 living at home rose to the highest share recorded since 1960: 17.8%, the National Association of REALTORS® reports. That percentage remained high in 2021 at 17%—the second-highest share on record.“Some young adults may have recently moved back home due to the flexibility of rem
Blame fewer homes for sale as the culprit behind the most recent decrease in contract signings, not lessening demand, a new report from the National Association of REALTORS® suggests.NAR’s Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—fell 3.8% in December 2021 compared to November. Contract signings were down 6.9% year-over-year.“Pending home sales faded toward the end of 2021, as dim
Home sellers in 2021 may have been a little shocked at the profit they made selling their homes. A report shows that home sellers nationwide realized a profit of $94,092 on a typical sale in 2021, up 71% from two years ago, according to ATTOM Data Solutions, a real estate data firm.Home seller profits rose in more than 90% of the housing markets tracked based on median purchase and resale prices, marking the highest level since 2008.The $94,
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