Here are some of the heftiest costs of homeownership to be aware of:Property taxes. This is often the largest home expense after a mortgage, and some of the highest property-tax rates are in the Northeast. Buyers there might need to take extra financial measures to make sure they can afford their home. Homeowners in Buffalo, N.Y., for example, pay 2.9 percent of their home’s value in property taxes. In Rochester, N.Y., they pay 2.8 percent. Nat
Middle-class African-American and Hispanic families are increasingly finding it difficult to attain homeownership, a new study by the real estate brokerage Redfin reveals.From 2012 to 2016, the percentage of affordable homes across 30 metros decreased by about the same amount for white families as it did for Hispanic and African-American families. Yet, “given the already lower rate of homeownership among minority families, the decrease has left
National Homeownership Month kicks off this month, and President Donald Trump is pledging to strengthen the middle class by reducing rules and regulations and cutting taxes that he believes will help them become homeowners.This year’s theme for National Homeownership Month is “Find Your Place in a New Era of Homeownership.”"For generations of Americans, owning a home has been an essential element in achieving the American dream," Trump wrot
The 30-year fixed-rate mortgage moved lower for the third consecutive week and set a new low for the year, Freddie Mac reports."In a short week following Memorial Day, the 10-year Treasury yield fell 4 basis points,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.94 percent and once again hitting a new 2017 low."Freddie Mac reports the following national ave
Many families are seeking affordability and stellar schools. And if that’s the case, they might want to consider a move to Blue Springs, Mo., a suburb of Kansas City, which topped HomeUnion’s list of best places for families based on housing affordability and school quality. The median home price in Blue Springs is $159,700, making it an affordable find.“For the past two years, we have been tracking metros with the lowest housing affordabil
Minnesota is the latest state to adopt a First-Time Home Buyers Savings Account, joining a growing list of states.These accounts allow individuals and families to save for their first home by putting a percentage of their income, or a capped amount of funds, into an account that is free from state income taxes.The Minnesota Governor signed legislation to create a First-Time Home Buyers Savings Account in the state into law this week. Minnesota no
Homeowners may be reluctant to sell, but they still want to see a piece of that equity in their homes now. They’re cashing out in levels that have not been seen since the financial crisis, Freddie Mac reports.Nearly half of borrowers who refinanced their homes during the first quarter did a cash-out option, the highest level since the fourth quarter of 2008, according to Freddie Mac.Still, the number of borrowers doing a cash-out refi remains w
Amid scarce supplies and high buyer demand, homes are selling fast across the country. Home prices are rising as well: The nationwide median home list price rose above $250,000 for the first time, realtor.com® reports. The median list price is 10 percent higher than a year ago.“With a record number of home buyers out there, this is officially the most competitive, fastest-moving spring housing market in decades,” says Javier Vivas, manager o
The Federal Reserve says that an increase in interest rates is coming soon, and quarterly hikes are likely in the future—a fundamental shift of its policy over the last few years, The New York Timesreports. While the Fed has been very cautious regarding signs of economic weakness, the bank is “now willing to shrug off at least a little bad data,” according to the article.Federal Reserve board member Lael Brainard, who advocates caution when
Would-be buyers are hard-pressed to find enough homes for sale this spring, and that is chipping away at the number of mortgage applications lenders are processing, CNBC reports.Total mortgage applications, including those for refinancing and home purchases, dropped 3.4 percent week over week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. The MBA’s mortgage application index is now 14 percent lower than a y
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