Author: Brad Beckett

Citing data from the most recent American Community Survey, the U.S. Census Bureau says over 19 million U.S. renter households spent more than 30% of their income on housing costs in 2021.  The ACS says households are considered cost burdened when they spend more than 30% of their income on rent, mortgage and other housing needs.  Data shows that the burden was especially high in some of the nation’s largest counties where housing is more expensive or in areas where incomes are low. The chart featured below (click on it to make it interactive) maps housing cost ratios by state…

The National Association of Realtors predicts that in 2023, 4.78 million existing homes will be sold, prices will remain stable, and Atlanta will be the top real estate market to watch. The forecast was made by Lawrence Yun, NAR chief economist and senior vice president of research, who unveiled the association’s  forecast during their annual year-end Real Estate Forecast Summit. Among the forecasts in Yun’s crystal ball: Home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 – an increase of just 0.3% from this year ($384,500). Rent prices will rise…

In their 2022 Year-End Report, Rentcafe reminds us that 44 million American households live in rental homes across the fruited-plain – the highest level in half a century.  So, what were the hottest rental markets in 2022? To find out, RentCafe.com analyzed the 135 largest markets in the U.S. where data was available, looking at at five metrics which they say affect a location’s competitivity:  the number of days vacant, percentage occupied, the number of prospective renters, percentage of renewed leases, and the share of apartments completed in 2022.  Indeed… “To further complicate matters (and with homeownership out of reach…

The American Automobile Association (aka AAA) says that nearly 113 million people will be traveling this holiday season – up 3.6 million people from last year.  AAA says 2022 is expected to be the third busiest year for holiday travel since they began tracking in 2000.  In addition, they estimate that 102 million people are planning to drive to their destinations despite higher gas prices.Indeed… “This year, travel time will be extended due to Christmas Day and New Year’s Day falling on Sundays…With hybrid work schedules, we are seeing more people take long weekends to travel because they can work…

On a recent episode of Real Estate News for Investors, Kathy Fettke discusses the Fed hiking short-term rates once again, two inflation reports show signs of improvement, and a video game called “The Tenants” showcases the job of a landlord. “A new video game could teach players to be a little more understanding about the job of a landlord. The game is called ‘The Tenants’ with the players taking on the role of the landlords. I haven’t tried it yet, but Bisnow says the game ‘carries the potential to add a little nuance to the public perception of the business…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents were $1,719 in November, down $9 from October.  Yardi says housing is facing a variety of economic headwinds and deteriorating demand, multifamily rents finally turned negative in November. “With the economy softening, demand for units slowing and rising interest rates creating headwinds for housing, multifamily asking rent growth finally took a turn downward in November.” Click here to read the full report at Yardi.

As we approach 2023, it’s time for the prognostications and predictions for what the housing market will bring in the coming year.  Just like clockwork, Realtor.com has come out with their annual forecast where they say that, while homebuyers & renters hoping for some financial relief in 2023 will likely be disappointed, they won’t get whiplash either.  Indeed… “While the Realtor.com 2023 forecast anticipates home and rental prices will keep climbing next year, the increases will be much more modest than the huge surges seen earlier this year. Mortgage interest rates, which have become the bane of many first-time and…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was up 0.1% in November, 2022.  However, the all items index was up 7.1% for the 12 months ending in November.  Of note;  The index for shelter was by far the largest contributor to the monthly all items increase, more than offsetting decreases in energy indexes.  Indeed… Click here to read the full release at the Bureau of Labor Statistics.

The folks over at the Visual Capitalist remind us that America has famously been called a melting pot, due primarily to the demographic makeup of its various cultures, races, religions, and languages.  Today’s interactive infographic assesses how America’s demographics have changed from 1901 to 2020 as population grew from 77 million in 1901 to over 330 million in 2020 – or 330% over the 119 years.  Indeed….  Stay safe and have a Happy Friday!! “True to the melting pot moniker, America’s demographics will continue to change dramatically over the coming decades.” Hat tip to the Visual Capitalist.

On a recent episode of CNBC’s Exchange, Andy Walden, Black Knight VP of Enterprise Research, discussed what he thinks are keeping homebuyers away from purchasing, what pent-up housing demand means for the market in 2023 and other housing-related issues. “[the] Housing market [is] ‘extremely unaffordable’ right now despite rates falling” says Andy Walden, VP of Enterprise Research for Black Knight. Click here to watch at CNBC.com.