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The Typical U.S. Monthly Rent Now Equates to 63 Hours of Work for Budget-Strained Tenants

Pro Builder

Monthly Rent Now Equates to 63 Hours of Work for Budget-Strained Tenants. rent marks the end of a two-year streak of non-stop price growth, but renters are still burdened by inflated costs in metros like Miami, Tampa, and Phoenix. Phoenix rents are up 66.7% The Typical U.S. Tue, 11/22/2022 - 10:31. Over the past five years, U.S.

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A Record High Number of Home Buyers Are Looking to Relocate

Pro Builder

As mortgage rates steadily rise and rental prices reach unprecedented highs, Americans with constricted budgets will be more inclined to relocate in the coming months to secure affordable housing before being entirely priced out of heated market.

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Inflation Is Rising the Fastest in Sun Belt Cities—Here’s Why

Pro Builder

Sun Belt cities like Phoenix, Atlanta, Miami, and Tampa have experienced price increases above 10 percent this year, soaring well beyond the national rate of 8.5 Rents are up 21 percent year-over-year in Phoenix, and in Miami, renters are paying 14 percent more a month than they were a year ago. .

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Record Share of Homebuyers Relocate for Affordability

Pro Builder

Miami was the most popular migration hotspot for the first and second quarters of the year, followed by Tampa, Phoenix, Sacramento, and Las Vegas, Redfin reports. Someone who would have to stretch beyond their budget in Los Angeles may be able to comfortably afford a home in Phoenix or San Antonio.” . Housing Markets.

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Incentives Won’t Be Enough to Keep Buyers in the Game as Housing Shortage Grows

Pro Builder

The mid-pandemic housing boom is coming to an end, and rather than raising their budgets, entering into home lotteries, or adding their names to waitlists, buyers are canceling orders, pulling out of purchases, and waiting for affordability to improve. New-Home Sales.

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Home Values Increase Up to 9% Year-Over-Year Nationwide

Pro Builder

Some metros experienced higher value increases than others, such as Phoenix, which saw a home value increase of 2.1% In short: An extraordinary number of home buyers, with budgets supercharged by rock-bottom mortgage interest rates, are competing over a limited supply of homes for sale. .

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These Are the Housing Markets Seeing the Most—and Least—Price Reductions

Pro Builder

Rather than increasing their budgets or sacrificing their most desired home features, many are waiting patiently for market conditions to improve. Home sellers are making the most significant reductions in overpriced markets such as Austin, Texas, Phoenix, and St. Port Lucie, Fla.,

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