It’s now cheaper to rent than buy in all 50 of the top metros nationwide, per Bankrate.
The typical monthly mortgage payment for a median-priced home ($412,778 per Redfin) is $2,703.
Meanwhile, the typical monthly rent is $1,979 as of February, a 36.6% difference.
— unusual_whales (@unusual_whales) May 20, 2024
Average CA Home Price To Soar To 20 Times The Average Salary By 2030, Study Finds
CALIFORNIA — California is projected to be the third most expensive state to buy a house in 2030, according to a recent study.
The study, conducted by SmartSurvey, analyzed Zillow house prices for 2012 to 2022 alongside income data from the U.S. Bureau of Labor Statistics to predict the home-cost-to-income ratio for each state.
With a projected average house price of $1.24 million and a predicted salary of $60,712, homes in California are predicted to cost 20.4 times more than the typical income by 2030, the study said.
The Golden State was ranked between Nevada, which was expected to be second most expensive with projections of a $1.04 million average house price and $48,369 typical income, and Utah, which was predicted to be fourth with an average house price of $1.12 million and salary of $56,787.
Gen Zers and Young Millennials Took Out 40% of U.S. Mortgages in 2023
Over 1 in 3 U.S. homes are now bought with cash, per Axios.
— unusual_whales (@unusual_whales) May 20, 2024
A $10 Billion Real-Estate Fund Is Bleeding Cash and Running Out of Options