The nation’s housing crunch has raised the profile of accessory dwelling units—small homes sharing a plot of land with a larger single-family home. Also known as granny flats, in-law units, or backyard bungalows, ADUs tend to be under 1,200 square feet and can be a viable, lower-cost alternative for renters who are unable to afford larger pricier units.In her new book Bigger than Tiny, Smaller than Average, author Sheri Koones says that
Demand for industrial space continues to swell and construction is increasing, reaching record-breaking levels, CommercialEdge details in its monthly National Industrial Report.The average sale price for industrial space was $125 per square foot in February. Ongoing investor demand continues to drive transaction activity to new heights, the report shows.Industrial space in Seattle is fetching the highest sales prices nationwide, at $357 per
Location may play a big part in how happy you are. Some cities in the U.S. appear to have happier residents than others.For example, on the top 10 list, more cities were in California than any other state. WalletHub researchers used positive-psychology research to rank the nation’s 180 largest cities by happiness of residents. They examined 30 indicators, including income, a city’s growth rate, average leisure time per day, commutes, work hou
Elevated inflation and the Federal Reserve’s monetary tightening policy drove the latest leap in mortgage rates this week. Since the beginning of this year, mortgage rates have jumped by 1.2%. The typical home buyer would need to spend $250 more every month to be able to purchase a home, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the association’s blog.The 30-year fixed-
Material and labor shortages continue to constrain both new-home supply and sales, economists said as February saw another dip in new-home sales. Buyer demand remains high, but builders struggle to add greater inventory.Sales of new single-family homes reached a seasonally adjusted annual rate of 772,000 in February, down 2% from January and down 6.2% compared to a year ago, the U.S. Census Bureau and the Department of Housing and Urban
Millennials comprise 43% of home buyers—the highest of any generation in the current market. Their numbers in real estate are growing, as last year, they comprised 37% of buyers.Millennials—consumers between the ages of 23 to 41 years old—are the most likely generation to use the internet to find a home they ultimately purchase as well as the most likely to use a real estate agent, according to a new study released by the National Associati
The spring market is already blooming, and so is the competition. Buyer competition intensified ahead of spring in February and likely will intensify further over the next few weeks.On average, there were nearly five offers for every home sold in February, higher than in recent months, according to the February 2022 REALTORS® Confidence Index Survey. Real estate professionals who were surveyed reported more than five offers, on average, in Massa
More than 575,000 people in the U.S. are considered homeless—that’s larger than the total populations of major cities like Atlanta and Miami, according to a LendingTree study, citing U.S. Department of Housing and Urban Development data.California, New York, and Florida have the largest homeless populations in the nation. Those states alone comprise nearly half of the total U.S. homeless population. On the other hand, North Dakota, Wyomi
As mortgage rates rise, levels below 4% for the most popular 30-year fixed-rate mortgage are likely to remain in the rearview mirror. The 30-year fixed-rate mortgage averaged 4.16% this week, Freddie Mac reports.“The 30-year fixed-rate mortgage exceeded 4% for the first time since May of 2019,” says Sam Khater, Freddie Mac’s chief economist. “The Federal Reserve raising short-term rates and signaling further increases means mortgage rates
Hispanic Americans have historically been underrepresented as homeowners, but that could soon change. If predictions hold true, longstanding homeownership gaps may be closing.Fifty-eight percent of Hispanic home shoppers are first-time buyers, significantly higher than the rest of the U.S. population (34%). A new survey conducted by realtor.com® and the National Association for Hispanic Real Estate Professionals found an increasing presence of H
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