#housingdata

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Should you rent or buy?

Our interactive map shows where in America homeownership is becoming more appealing

“Across the country as a whole, conditions have improved for prospective buyers relative to renters. House prices have risen by 9% since 2023, but falling interest rates mean that mortgage payments are up by only 7%, compared with a 16% increase for market rents. Our numbers showed that renting was cheaper than buying for more than two-thirds of Americans in 2023. Today it is roughly a 50-50 split.”

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(via Late-Summer Buyer Windows | Zillow Premier Agent Blog)

“Home values have fallen YoY in 25 markets — most in the South or West — restoring pockets of affordability lost in the early pandemic run-up in prices. Buyers are gaining some leverage across the country, with more markets approaching balance, and sellers cutting prices at record rates (27.4% in July, another record high in Zillow data dating back to 2018). Buyers are making gains in the battle for negotiating power, but they’re still largely losing the war on affordability.”

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(via The Income Needed in Each State To Afford a Starter Home)

“household income now required to afford the typical starter home is $70,164, up more than 100% from just $32,357 in 2019..”