If you enjoyed this post you’ll certainly enjoy these other ‘Just For Fun’ posts!
If you enjoyed this post you’ll certainly enjoy these other ‘Just For Fun’ posts!
This nearly 13,000 square foot home in Waxhaw, NC rests on 1.6 acres and features a resort-level backyard area and an incredible interior with 3 kitchens, theater and more.
At a time when huge numbers of young people can’t afford to buy their own home, the rental market is booming. The alternative for the so-called Generation Rent isn’t exactly attractive either, though. As more and more people flock to the major cities for bigger salaries and better opportunities, property owners are able to cash in on an often out of control rental market.
The rent burden can be measured by looking at the share of the average household income that the typical rent eats into each month. As our infographic below shows, based on data from RENTCafé the worst place for renters is Mexico City. With an oppressive 60 percent of earnings going to the landlord.
Further north in the U.S., the situation isn’t too much better. With 59 percent of the average salary being poured into rent in Manhattan, the New York borough is the second worst place on the list to be a renter. Those looking to move to LA and San Francisco should be prepared to kiss goodbye to 47 and 41 percent of their pay packet, respectively. Of the cities focused on here, Chicago would be the best bet, at 38 percent.
RENTCafé’s benchmark for burden-free rent is 30 percent. With this in mind, Germany’s cool capital Berlin might be a good option. Alternatively, the city with the best ratio was found to be Kuala Lumpur. Anyone renting in the Malaysian capital will be free to spend up to as much as 80 percent of their income as they so desire.
This chart shows the share of household income required to pay rent in selected cities in 2017.
You will find more statistics at Statista
Demand for housing expected to continue despite unsustainably strong house price gains weighing on affordability
Columbus, OH – June 20, 2017 (PRNewswire) Nationwide’s latest forward-looking barometer of the U.S. housing market health continues its positive outlook despite unsustainably strong house price gains weighing on affordability. The primary reason: housing demand. Household formation growth picked up sharply over the last quarter to move above the long-term average, and job gains remain solid.
“Household formation growth over the past year had a notable uptick this quarter over last, playing a big factor in driving up demand for housing and maintaining a strong market,” said David Berson, Nationwide senior vice president and chief economist. “We are, however, keeping a close eye on affordability and especially house price appreciation as it is well above the long-term average.”
According to Nationwide’s Health of Housing Markets Report (HoHM Report), household growth is expected to remain above average during the next few years, increasing demand on an already limited supply of homes. In fact, while the National Association of Realtors just reported that national home inventory-sales ratio is around four months at the current sales pace, several markets are experiencing a month’s supply of inventory turnover in half – and even a quarter – of that amount of time.
MSAs with the lowest housing inventory-sales ratios in 2017 Q1 are, in order: Seattle-Bellevue-Everett, Wash.; Denver-Aurora-Lakewood, Colo.; Tacoma-Lakewood, Wash.; Boulder, Colo.; Fort Collins, Colo.; Portland-Vancouver-Hillsboro, Ore.-Wash.; Mankato-North Mankato, Minn.; Olympia-Tumwater, Wash.; San Francisco-Redwood City, Calif.; Sacramento-Roseville, Calif.; Fort Worth-Arlington, Texas; Dallas-Plano-Irving, Texas; San Diego-Carlsbad, Calif.; Columbus, Ohio; and Oakland-Hayward-Berkeley, Calif.
The report, measuring data as of 2017 Q1, also found that:
The top two metro areas are in Pennsylvania, followed by two in Oklahoma. The 10 top metro areas in the index are, in order: Lancaster, Pa.; Scranton-Wilkes-Barre, Pa.; Fort Smith, Ark.-Okla.; Lawton, Okla.; Durham-Chapel Hill, N.C.; Pittsfield, Mass.; Toledo, Ohio; Springfield, Mass.; Philadelphia; and Vineland-Bridgeton, N.J.
Victoria, Texas, ended a run of four straight quarters for Bismarck, N.D., as the bottom performing MSA. Half of the bottom 10 MSAs reside in Texas. In order, the bottom 10 are: Victoria, Texas; Bismarck, N.D.; Texarkana, Texas-Ark.; Longview, Texas; Dallas-Plano-Irving, Texas; Houma-Thibodaux, La.; Anchorage, Alaska; Sherman-Denison, Texas; Lafayette, La.; and Asheville, N.C. The Dallas metroplex and Asheville are on this list primarily because of rapid house price appreciation and a resulting drop in affordability.
More information about the HoHM Report, including the methodology used, can be found at blog.nationwide.com/housing. The HoHM Report is released on a quarterly basis online and in print.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor’s. The company provides a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.
Nationwide, Nationwide is on your side and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company.
Habitat for Humanity Affordable Housing Survey: Nine out of ten say it’s important to find a solution for the lack of affordable housing.
Cost is the top barrier to homeownership, followed by difficulty obtaining mortgages, and most expect costs to keep increasing over the next five years.
Eight out of ten say affordable housing has a positive impact on the community.
Atlanta, GA – June 20, 2017 (PRNewswire-USNewswire) A majority of Americans and Canadians have made it clear: we are not paying enough attention to affordable housing needs and solutions, according to Habitat for Humanity’s Affordable Housing Survey. With critical housing shortages across both countries, cost remains a top barrier preventing families from accessing decent homes with an affordable mortgage.
“In many ways, housing is an invisible crisis. There are still too many families without access to safe, secure and affordable housing,” said Jonathan Reckford, CEO of Habitat for Humanity International. “This survey highlights the value all of us place on a decent place to call home and underscores the critical need to increase access to affordable housing. At Habitat, we are committed to continue partnering with communities, governments and the private sector to create affordable housing solutions and empower families working toward a path to homeownership.”
On behalf of Habitat for Humanity, PSB surveyed 1,000 people in the United States and Canada, examining the perceptions, challenges to and benefits of affordable housing in both countries. The survey was conducted ahead of Habitat for Humanity’s 34th Jimmy & Rosalynn Carter Work Project, which will build 150 homes in Canada this summer.
Affordable housing issues and aspirations
Homeownership remains a top achievement for most people, from renters to current homeowners. Nine out of ten of Americans (92 percent) say owning a home is one of their greatest achievements in life. Among renters, a majority of Americans (68 percent) cite owning a home as one of their top goals.
While homeownership is an aspiration for a majority, it remains out of reach for too many individuals and families. Nine out of ten Americans and Canadians recognize this, saying they believe it is important to find solutions to the lack of affordable housing. Moreover, compared with issues like safety (16 percent) and quality (11 percent) affordability is a top U.S. housing issue (59 percent), with 75 percent saying not enough attention is paid to the issue.
Barriers to homeownership
Compared with other challenges, high cost remains the top barrier to homeownership (84 percent in the U.S.), closely followed by the ability to obtain a mortgage (75 percent). Most do not expect the situation to get much better: A majority of U.S. (72 percent) and Canadian (84 percent) respondents say housing costs will go up in the next five years.
Most have struggled with housing costs at some point in their lifetime. One quarter of U.S. homeowners currently struggle to pay housing costs, while 65 percent say they have struggled with housing costs at some point in their lives:
Benefits of homeownership
Homeownership fosters many positive personal benefits. Nine out of ten Americans (91 percent) report owning a home has made them more responsible, with four in ten reporting that it has also helped them build a nest egg (44 percent) and given them stability (41 percent).
Affordable housing is also the foundation for reducing poverty and achieving economic growth, with the potential to positively impact a wider range of larger societal issues. At least eight out of ten Americans and Canadians agree that having affordable, stable housing contributes to public health, community safety, economic growth and education.
Everyone deserve affordable housing
Habitat for Humanity partners with families and individuals to build or improve a place they can call home, working alongside volunteers paying an affordable mortgage. Through this model, Habitat homeowners achieve the strength, stability and independence they need to build a better life for themselves and their families.
There are several ways to support affordable housing: volunteer with a local Habitat for Humanity, advocate for better housing policies or donate to help more families build and improve a decent place to call home. Visit habitat.org for more information.
About Habitat for Humanity
Driven by the vision that everyone needs a decent place to live, Habitat for Humanity began in 1976 as a grassroots effort on a community farm in southern Georgia. The Christian housing organization has since grown to become a leading global nonprofit working in more than 1,300 communities throughout the U.S. and in more than 70 countries. Families and individuals in need of a hand up partner with Habitat for Humanity to build or improve a place they can call home. Habitat homeowners help build their own homes alongside volunteers and pay an affordable mortgage. Through financial support, volunteering or adding a voice to support affordable housing, everyone can help families achieve the strength, stability and self-reliance they need to build better lives for themselves. Through shelter, we empower. To learn more, visit habitat.org.
About Habitat for Humanity Canada
Founded in 1985, Habitat for Humanity Canada is a national, nonprofit organization working toward a world where everyone has a decent and affordable place to call home. Habitat for Humanity brings communities together to help families build strength, stability and independence through affordable homeownership. With the help of volunteers, Habitat homeowners and 56 local Habitats working in every province and territory, we provide a solid foundation for better, healthier lives in Canada and around the world. For more information, please visit www.habitat.ca.
This could also be filed under ‘Truth in Advertising’…