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.

Real EstatePolitics & Money

Zillow: Starting teachers spend almost half of salary on rent

Almost a third of their salary goes towards a mortgage

In 19 of the 50 biggest metro areas in the U.S., starting-level teachers spend more than half of their salary on rent, according to Zillow

Nationally, the median market-rate for rent is 46.8% of a starting-level teacher's salary. 

Mid-career teachers spend 35.6% of their salary on rent, while 26.6% of the highest paid teachers' salary goes towards rent.

With mortgage rates low and monthly payments thereby lower as well, buying a home as a teacher is a little more achievable, Zillow said.

According to Zillow, starting-level teachers put 26.6% of their salary to paying off a mortgage, while mid-level teachers put 20.2% towards a mortgage and the highest level teacher pays 15.1%.

Some places aren’t liveable with a starting teachers salary, however. In San Jose, California, the median rent would take 108.3% of a starting teachers salary. A mortgage would take 129%.

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3d rendering of a row of luxury townhouses along a street

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