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 Estate

Renters paid $4.5 trillion in rent in the last 10 years

In 2019 alone, $512 billion in rent was paid to landlords

Landlords have had a very lucrative decade.

During the 2010s, U.S. renters paid about $4.5 trillion in rent, according to Zillow. That’s more than the 2018 GDP of the world’s fourth-largest economy, Germany.

In 2019 alone, renters paid out $512 billion in rent.

The total amount of rent paid in 2019 is also higher than the entire 2018 GDP of Thailand, which was $505 billion, and a little less than Argentina’s $518 billion.

The renters who spent the most, to no surprise, were located in New York, at $56.6 billion. Los Angeles renters paid the second-highest amount in rent, $39.2 billion, while San Francisco renters were the third-highest, at $16.4 billion.

Those three markets are where the cost of living is the highest, and where there is a lack of affordable housing.

The total amount of rent paid in 2019 was 2.9% higher than in 2018, with 43.6 million people renting across the U.S.

Phoenix saw the fastest growth in rent over the past year, up 7.5% this year compared to 2018. Las Vegas had a 5.6% increase while Charlotte had a 5.5% increase. These cities ranked the top three in terms of yearly rental appreciation.

Cincinnati rounded out the bottom list, with $2.5 billion paid in rent in 2019.

In 2019, multifamily housing alone had record-breaking numbers in terms of occupancy. More people, younger generations specifically, are opting to rent instead of own because mortgages are harder to attain, despite lower interest rates.

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