Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Mortgage

Good news for renters: Rents to finally flatten in 2016

But not all markets are created equal

Rent appreciation is finally projected to cool down in 2016, giving renters a much-needed break from what seemed to be never-ending price increases.

But, the good news stops there.

The new rent appreciation report from online real estate listing service, Zillow, does caution that although prices will level off over the next 12 months, rents will remain unaffordable in many of the major markets across the U.S., especially on the West Coast.

According to Zillow, rent appreciation will slow to an annual rate of 1.1% by December 2016, with the national Zillow rent index at the end of 2016 projected to be $1,396, compared to $1,381 in December 2015.

However, a price slowdown isn’t enough to turnaround some of the outrageous costs of rent on the West Coast. Renters in San Francisco and Los Angeles can still expect to spend 40% of their income on a rental payment, Zillow said.

"Hot markets are still going to be hot in 2016, but rents won't rise as quickly as they have been," said Zillow Chief Economist Svenja Gudell.

"The slowdown in rental appreciation will provide some relief for renters who've been seeing their rents rise dramatically every single year for the past few years. However, the situation remains tough on the ground: rents are still rising and renters are struggling to keep up,” continued Gudell.

Outside of the West Coast, places like Washington D.C. and Atlanta are only projected to increase 0.5%.

Here is full list for exactly what to expect in various markets.

Click to enlarge

rent

(Source: Zillow)

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