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Apartment List reports the median cost of rent for a two-bedroom apartment every month in the largest cities in the United States. A two-bedroom apartment in San Francisco is almost double rent for a two-bedroom in Los Angeles in October.
Home sales in Manhattan have slowed for four straight quarters, according to Douglas Elliman Real Estate. Sales are softening largely because many home sellers have unrealistic expectations relative to what buyers can afford, the company found.
There are housing affordability crises in many more cities because housing costs have risen faster than incomes, according to UBS' 2018 Global Real Estate Bubble Index. Policymakers will need to step in, but the appropriate response could be challenging to nail down.
The top is in for existing-home sales, which make up 90% of transactions in the US, according to economists at Bank of America Merrill Lynch. They no longer expect existing-home sales to contribute to the economy's growth.
Silicon Valley’s housing crisis is so dire that this 897-square-foot Palo Alto home is selling for $2.59 million — take a look inside
Silicon Valley's insanely competitive real-estate market has resulted in a listing like this house, which is selling for $2,886 per square foot. The home's future owners will have two bedrooms, one bathroom, a garage turned office area, and a tranquil private backyard area. Take a look inside.
The number of home sellers who cut their asking prices spiked to its highest level since 2009 during the week after Labor Day, according to StreetEasy. The listings website also saw its biggest wave of new listings around the same period.
Home prices have been rising faster than incomes, and builders aren't able to keep up with the demand for affordable housing. In Los Angeles for example, rent costs more than 100% of the typical income for the lowest-earning residents.
A ‘boogeyman in the housing market’ is making it tougher for Americans to own homes, Morgan Stanley says
Home sales in the US are slowing, and the bogeyman is affordability, Morgan Stanley analysts say. Americans are spending the most money in almost a decade on mortgage payments as a share of their incomes, they said.
The housing market is in a slowdown as rising prices and mortgage rates, low inventory, and slow wage growth combine. Americans still see buying a house as a good investment, but fewer people are succeeding at it.
SmartAsset found the cost of a two-bedroom apartment in 25 cities across the US and how much income is needed to afford rent there. The study calculates how much a renter would need to earn to spend no more than 28% of their income on rent.