Mortgage rates dropped to the lowest level since March last week, sparking swift demand in refinancing. Homebuyers, however, seemed unimpressed. 

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Housing is the most considerable expense for U.S. consumers — and while high rents and home prices are obstacles to saving for potential homebuyers, access to affordable credit is another significant roadblock.  

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The Midwest has long been known for its friendly people and affordable living, but now it’s catching the eye of savvy real estate investors too. With bustling cities, strong job markets and room for growth, the heartland is becoming a hotspot for property buyers looking to make smart moves in the next few years. 

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WASHINGTON – President Joe Biden on Tuesday is set to propose a 5% cap on annual rent hikes for tenants of major landlords in the U.S. as he aims to tackle the high cost of housing ahead of the 2024 election, according to the Associated Press.  

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Housing shortages and rising rents go hand-in-hand with supply-demand economics. When supply is low and demand is high, one can reasonably assume costs will rise.  

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California is home to some of the country’s most rent-burdened individuals and families. Renters make up about 44 percent of households in the state. The average renter spends over half their income on payments to landlords. That means that 1 in 9 tenants are behind on their monthly payments—most of those people are young adults and people of color. 

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Over the last several days, a slew of cities in New Jersey have asked the state legislature to propose legislation intended to lower their residents’ rent. In their requests, they want to stop landlords’ use of algorithmic software companies to help calculate their prices, mirroring the calls President Joe Biden made in the June presidential debate and his January State of the Union to rein in the “greedy” landlords.  

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As of Q1 2024, the average sales price of homes sold in the United States was $513,100, according to the Federal Reserve Bank of St. Louis. Housing prices across the board have been on a steady rise over the past 60 years or so, though certain periods have seen dips. Even these have always corrected themselves after a few years, though. 

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SEATTLE, WA — While coastal markets like New York City, San Francisco, and Boston remain the priciest for renters, new data from Zillow reveals that the fastest-growing rents are emerging in less expected locations. Hartford leads the pack with the highest rent growth, closely followed by Cleveland and Louisville. 

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A lot of real estate attention gets placed on large cities, such as those that have benefited from pandemic-era migration trends or bustling job markets. Yet some people still prefer to search for homes in small towns, which can be more affordable than some major cities and offer a slower pace of life. 

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