Small-town living isn’t always cheaper than urban life. In fact, in some burgs, residents may find it to be less expensive to live in a major metro area.Vineyard Haven, Mass., and Summit Park, Utah, are the two most expensive small towns in the U.S., according to a new study by LendingTree. In Vineyard Haven, the median home value is $674,600; in Summit Park, it’s $558,300. However, researchers found that the majority of residents who live in
Mortgage rates are hovering near three-year lows, and more homeowners may want to start taking advantage. Up to 20 million homeowners could “theoretically” see a 75-point drop in mortgage rates by refinancing, according to a recent analysis from Black Knight.For homeowners with a credit score of at least 720 and with 20% of equity in their property, they could see savings of nearly $270 per month from lower rates.“Millions of homeowners cou
The cheapest places to live in the U.S. are El Paso, Texas, and Lincoln, Neb., according to a new study by Move.org that ranks cities based on cost of living. In El Paso, the average cost of living is $1,182.96 per month and, in Lincoln, it’s $1,291.50. On the opposite end of the spectrum, San Francisco (at a $4,210.60 average cost of living per month) and New York (at $3,956.11) have the highest costs of living in the nation.Move.org analyzed
The 30-year fixed-rate mortgage continued to hover near historical lows this week, lowering borrowing costs for home buyers and refinancing homeowners. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.60% this week, unchanged from last week’s average.“The sound and fury of the financial markets continue to warn of an impending recession; however, the silver lining is mortgage demand reached a three-year high this week,”
Home builders are starting to lower their prices to better reach out to the growing demand for smaller, more affordable homes. Sales prices of new homes dropped 0.5% in the second quarter of this year from 2018 levels.Prices for new homes reached a median of $372,900 in the second quarter, while the median sales price of existing homes was $309,700.Builders appear to be shifting their focus to less expensive homes. “While this change was a clea
The Department of Housing and Urban Development is expected to release updated guidance Thursday on condominium financing insured by the Federal Housing Administration, a move designed to help more would-be buyers become eligible for a mortgage. Specifically, the new rules will:Extend FHA certifications on condo developments from two years to three years, reducing the compliance burden on condo boards.Allow for single-unit mortgage approvals—of
In more places, homeowners are carrying supersized mortgages. Outstanding mortgage balances rose nationwide for the seventh consecutive quarter and reached a new high of $9.5 trillion, according to first-quarter data from Experian.“While mortgage debt numbers could be a cause for concern as buyers increasingly leverage their finances to purchase homes, other signs show they are more responsible with their mortgage debt than in years past,” Ex
Real estate has surpassed stocks as Americans’ favorite long-term investment, according to a nationwide Bankrate survey of about 1,000 respondents. Thirty-one percent of survey respondents named real estate as their favorite investment for building wealth that they don’t need access to for a decade or more. That is the best that real estate has performed on Bankrate’s annual survey in the last seven years. In 2018, stocks were the most popu
The 30-year fixed-rate mortgage averaged 3.60% this week, the lowest average since November 2016, Freddie Mac reports.“There is a tug of war in the financial markets between weaker business sentiment and consumer sentiment,” says Sam Khater, Freddie Mac’s chief economist. “Business sentiment is declining on negative trade and manufacturing headlines, but consumer sentiment remains buoyed by a strong labor market and low rates that wi
Smaller metro areas known for affordability won out realtor.com®’s list of top-performing markets in July. Several of the areas topping its list are industrial towns in the Rust Belt that have undergone revitalization, or are smaller, less pricier alternatives to a nearby larger city.Fort Wayne, Ind., hit the top spot on the hottest housing market list in July as one of three Indiana metros to be included in the 20 hottest marke
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
