The Federal Housing Administration announced on Wednesday that it would be raising its loan limits in the new year to keep pace with climbing home prices.The FHA national loan limit, or floor, will increase from $331,760 to $356,362 for single-family home loans, marking about a $25,000 increase over 2020’s limits. The FHA’s loan limit is set at 65% of the national conforming loan limit of $548,250.In about 65 high-cost areas of the country, t
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The homeownership rate for millennials is 8 percentage points lower than for Gen Xers and baby boomers when they were millennials’ ages, according to the Urban Institute’s “Millennial Homeownership” report. Younger generations are struggling to obtain homeownership at the same rates as their parents. The Urban Institute estimates that 3.4 million more people would be homeowners if the rate of ownership kept pace with previous generations.
Buying a home in a small town isn’t necessarily cheaper than purchasing in a big city. Sometimes, small-town living can come with the higher price tag, according to a new study from LendingTree.The online lending marketplace recently analyzed 50 towns with populations under 50,000 that had the most expensive median home values. Researchers then ranked the towns based on where home values were the highest. They also compared home values in these
Home shoppers are taking advantage of some discounts occurring in the condo market, fueling the sector’s recovery since the start of the COVID-19 pandemic.Many home buyers have been drawn to upsizing during the pandemic, heading to the suburbs in favor of larger single-family homes with greater privacy. But as single-family home prices soar, some buyers are being priced out and drawn back to condos for their affordability. The average single-fa
Solar photovoltaic panels can offer homeowners reduced electric bills and are a more environmentally friendly way to power up a home. But they can be pricey to install, leading to questions about whether the return on investment is worth it.Home Innovation Research Labs recently analyzed the cost-effectiveness of rooftop solar panels on new homes in five markets: Phoenix; Tampa, Fla.; Kansas City, Mo.; Boston; and Seattle. The analysis did not fa
More subdivisions of new single-family rental homes are emerging amid the pandemic as renters are drawn to the extra space in the suburbs. Investors are backing the "build-to-rent" homes under construction across the country on the assumption that the trend of renters looking to upsize from their smaller urban apartments will continue.This year, about 55,000 to 60,000 new rental housing starts are under construction or have been completed in the
Buyers are increasingly are targeting new-home construction as they face a low inventory of existing homes. New-home sales in October are 41.5% higher than they were a year ago, the Commerce Department reported late last week.“Buyer traffic remained strong in October even as the country’s attention was focused on the elections and policy issues going into 2021,” says Chuck Fowke, chairman of the National Association of Home Builders. “Mor
Pending home sales dipped slightly last month but continue to remain elevated compared to a year ago, the National Association of REALTORS® reported Monday. NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 1.1% in October but are up 20.2% year over year.“Pending home transactions saw a small dropoff from the prior month but still easily outperformed last year’s numbers for October,” s
As mortgage rates dip to record lows, many homeowners are in a position to save hundreds of dollars a month.A record number of homeowners are eligible to refinance into a lower mortgage rate, saving an average of $309 per month, according to new research from Black Knight, a mortgage technology and data provider. About 19.4 million homeowners are good candidates to refinance, the report notes.Freddie Mac reported that for the week ending Nov. 25
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