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Atlanta, San Antonio, Phoenix Lead In Economic Growth Potential

Business Facilities

Atlanta , San Antonio and Phoenix are the top-ranked large metros for Economic Growth Potential in Business Facilities’ 15th Annual Rankings Report. “It It all seems to be coming together for Metro Atlanta,” said BF Editor in Chief Jack Rogers. All of the arrows are pointing up for Atlanta.”.

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Atlanta Suburb Says ‘NO WAY!’ to Wood Construction

Construction Equipment

While other cities are flaunting their new wood skyscrapers, a suburb of Atlanta is prohibiting all future wood-frame building taller than three stories and larger than 100,000 square feet, such as apartment buildings. Sandy Springs, Georgia is an upper middle class suburb of Atlanta with a median family income of $100,679 in 2013.

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Home Ownership Still Elusive Even with Low Interest Rates

Pro Builder

Even with low mortgage interest rates a median-income household would still need to spend nearly a third of its income on a median-priced home, according to a report from the Federal Reserve Bank of Atlanta. But that dynamic has shifted throughout 2021. Buyers have hit an affordability wall.

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As Rental Costs Rise and Wage Growth Slows, Housing Affordability Worsens

Pro Builder

have been squeezed by fast-rising rental costs paired with near-stagnant income growth, and as a result, two full-time workers earning minimum wage can comfortably afford a typical two-bedroom rental in just 10 of the 50 largest U.S. In San Francisco, home to the highest one-bedroom rents in the country, an hourly income of $49.01

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Home Prices Are Rebounding in the Spring Selling Season

Pro Builder

The Atlanta Fed’s Affordability Monitor is well into the red as interest rates have caused mortgage costs to spike and incomes have not moved up as fast as prices over recent years. If rates fall significantly in the months ahead, the housing market could come back to life even amid higher prices and waning inventory, Forbes reports.

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What More Fed Hikes Could Mean for U.S. House Prices in 2023

Pro Builder

Fixed-income markets are implying that rate hikes may continue into June 2023, and according to Forbes , that increased pressure could spell trouble for the housing market. As house prices rise faster than incomes, so houses become less affordable. That’s what we’ve seen in the U.S. in recent years.

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Housing Affordability Dips to 15-Year Low as Mortgage Rates Soar

Pro Builder

home, a 51% year-over-year gain significantly outpacing income growth nationwide. . Monthly payments currently account for 28% of the typical homeowner’s monthly income, making renting a more affordable option for the majority of Americans. .

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