More than one in five Americans—or 21%—are not saving any of their annual income, according to a survey from Bankrate.com of 1,000 working American adults. A separate study, meanwhile, shows that only 29%—or 73 million of Americans—say they are financially “strong,” indicating they are spending, saving, borrowing, and planning well financially, according to a 2019 study from the Financial Health Network. More than half—or 54%—inst
Head to the Midwest or the East Coast for some of the biggest hotspots to cash in on a rental investment this year, according to a new analysis from TurboTenant, a property management tool. Overall, 31 cities from 20 states are featured in the report, which names the cities for the best rental investments in 2020. New York and Ohio tied for the most cities making the list, at three each.“When identifying the top 31 cities, we looked for a posit
A home costs more than just the sale price. For example, closing costs—which make up about 2% to 5% of the home’s purchase price—are a major added expense. Michael Hyman, a research data specialist at the National Association of REALTORS®, shares the charges that make up closing costs in a post at the association's Economists’ Outlook blog so that home buyers can be prepared.Lenders provide a Closing Disclosure at least three business da
The 30-year fixed-rate mortgage averaged 3.65% this week, continuing to entice home buyers to the market with cheaper financing opportunities. “By all accounts, mortgage rates remain low and, along with a strong market, are fueling the consumer-driven economy by boosting purchasing power, which will certainly support housing market activity in the coming months,” says Sam Khater, Freddie Mac’s chief economist.Still, worsening affordability
Homebuyer demand hit its highest level in 11 years, as January continues to shape up to be a hot month for the housing market. Weekly mortgage applications jumped 30% for the week ending Jan. 10, a sign that home buyers are emerging, the Mortgage Bankers Association’s seasonally adjusted index shows.“The mortgage market saw a strong start to 2020,” says Joel Kan, associate vice president of economic and industry forecasting for the MBA. “
A higher credit score could mean thousands of dollars in savings on a mortgage, according to a new study from LendingTree that compares very good credit scores to fair ones.A fair credit score is considered in the range of 580 to 669, while a very good credit score ranges from 740 to 799.The average borrower with a fair credit score will pay about $261,076 in total interest over the lifetime of their mortgage. On the other hand, a borrower with a
High home prices may be stymieing job growth in some metros. Over the last five years, affordability has worsened in areas that have seen a decline in job growth, according to a report released Wednesday by the National Association of REALTORS®.Affordability rankings declined in 81 metro areas—in the third quarter of 2019, 34 of them saw non-farm job growth fall faster than compared to the national rate over the previous five years.These 81 me
Child care costs have jumped 49% over the last 25 years. The cost of housing has increased by 14% in comparison, according to a new analysis from Freddie Mac.“The list of expenses for a family can be never-ending … and presents challenges for many looking to buy or rent,” says Sam Khater, Freddie Mac’s chief economist. “One of the major challenges, when it comes to affording a home, is the high cost of child care. Our analysis finds tha
Renters are finding fewer places that charge a security deposit. That may be good news for tenants, but it’s a source of stress for landlords.Security deposits have traditionally been a way for landlords to protect themselves if a resident causes damage to a property or stops making payments. But the large upfront payments before moving in have proved to be problematic for tenants. Renters can spend more than $3,400 on moving costs, according t
The 30-year fixed-rate mortgage averaged 3.64% this week, the lowest level in thirteen weeks. Sam Khater, Freddie Mac’s chief economist, says rates dropped as investors sought the safety of the U.S. Treasury’s fixed-income markets in light of the U.S.’s escalating turmoil with Iran. That said, “the drop in mortgage rates, combined with the strong labor market, should propel a continued rise in home buyer demand,” Khater says.Freddi
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
