(RECAP: Homeownership is a dream that is out of reach for millions of Americans, with only 63.4 percent owning their homes, the lowest level in 30 years, according to the Census Bureau. Even as home sales have increased with interest rates near historic lows, first-time homebuyers are playing a relatively small part in the market. Along with tight lending standards, rising home prices – especially at the low end of the market – are shutting out many buyers. But, as a lender, I would point out that first-time homebuyers struggling to buy have options. Among the most attractive are housing finance agencies (HFAs) – housing authorities established to help meet the needs of the residents of individual states, counties, and cities through a wide range of affordable housing and community development programs.)

Powered by WPeMatico

(RECAP: Younger adults are finding themselves moving to higher-priced housing markets to be closer to more employment options. The housing market has historically seen younger adults rent and wait to buy a house later in life. One of the largest reasons they were waiting was that they found job security an integral part of their choice. This “job-centric” approach to home buying demonstrates this group’s affinity for foresight and plotting. Many recent graduates have high student loan payments and want to ensure stable and long-term employment is within reach.)

Powered by WPeMatico

(RECAP: Americans who rent their home are nearly twice as likely as those who own their home to say they worry about not being able to pay their housing costs. While upper-income Americans are more likely to own and lower-income Americans are more likely to rent, renters worry more than homeowners at all income levels. These results are based on more than 5,000 combined interviews from Gallup’s 2013-2016 Economy and Personal Finance surveys. Gallup has consistently found renters are more worried than homeowners about making housing payments, both overall and by household income level, in the 16 years it has conducted the Economy and Personal Finance survey. But the gap in homeowner-renter worry has increased among both middle- and upper-income owners compared with the past.)

Powered by WPeMatico