“A lot of people are not going to buy” a house as the economy struggles to recover
The housing market is so weak it’s becoming increasingly difficult for most Americans to buy a home.
As we’ve seen in other parts of the country, many people who’ve made their money renting out their homes are now struggling to pay the mortgage, as well as keep their current-home-buying habits intact.
A new survey of nearly 4,000 renters by the National Association of Realtors found that half of renters said they are “not ready” to buy, a figure that’s not even remotely as high as the percentage of homeowners who have said the same thing in the past.
The survey also found that nearly three-quarters of renters who said they were ready to buy did so in the last year.
Many renters are already making too much money to keep up with the rent.
According to the U.S. Census Bureau, the median monthly rent for a one-bedroom apartment in the United States in 2016 was $1,800.
The median monthly income for renters in the same apartment was $2,100, a number that was higher than in 2015, according to a recent analysis from The Real Estate Institute of America.
The survey also showed that 37 percent of renters say they have more than 50 percent of their assets tied up in investments.
The typical amount of debt borrowers have in retirement accounts is $1 million or more, the survey found.
As the economy continues to unravel, many homeowners are also struggling to keep their homes in working order, especially in the big cities where prices are skyrocketing and many are still underwater.
In fact, according a report from the National Low Income Housing Coalition, home prices in major metropolitan areas are now the highest in more than 20 years.
The study, released this week, found that home prices had increased in the nation’s largest cities by 20 percent or more over the past year.
The report noted that the price growth was particularly sharp in San Francisco, Los Angeles, Chicago and Washington, D.C. A large portion of the housing market recovery has been driven by those on the low end of the market.
Despite this, the NARHHC said it was worried that the economy is still struggling to recover.
“In the midst of a recovery that is being fueled by households earning more and more money and businesses being able to invest and expand, the housing recovery is not yet fully in place,” the report said.
According to the survey, some renters are still struggling financially because of their own financial struggles.
Of those who said that they had to make “more than 30 percent of what they made in 2015 to cover expenses” in 2017, just 27 percent said they’d be able to afford to buy their home again.
One in four renters who did not qualify for a mortgage because of an unpaid mortgage were still struggling with their finances.
While there are still many people willing to pay for a house with a mortgage, the market for homes in the next decade is also not as robust as in recent years.
Last year, there were 1.3 million homes listed for sale, the latest year for which the NACI collected data.
In the past four years, there have been just 832,000 homes sold, according the NCA.
Meanwhile, the number of people with a credit score of at least 660 is still growing.
The NCA said it’s likely that the number is closer to 900,000, meaning that the majority of those with a score of 660 are still living in poverty.
Even though the U-Haul boom is slowing, many of the homes that were built to cater to millennials are being replaced with luxury rentals, according Toews.
The market for upscale rental homes is also shifting.
Many of the most affordable rentals in major cities are being offered to renters who aren’t yet financially independent.