Bigueur Realty Group Inc.’s Post

As a real estate professional, I'm always keeping a close eye on market trends. I've just published an in-depth analysis on the California housing affordability crisis and what it means for buyers, sellers, and investors in 2024. I'd love to hear your thoughts. How are you adapting to the current market? What strategies are you using to overcome affordability challenges? Check out the full article below for more insights and feel free to reach out if you'd like to discuss further! #CaliforniaRealEstate #HousingMarket #MarketTrends #RealEstateInsights

Colorado’s Housing Market Disparity - Common Sense Institute Colorado Since 2010, Colorado's median home values have surged by 132.4%, while median household income has only risen by 65.2%. This growing disparity has widened the affordability gap for many residents. In 2022, the mortgage capacity for the median household was $344,468, while the median home value was $549,900. For the average household, the gap was even larger, with a mortgage capacity of $459,679 against an average home price of $712,426.   This mismatch means more Coloradans are struggling to afford homes, with the affordability gap growing from 46.8% in 2010 to 60.2% in 2022.   Despite more households being able to afford higher-priced homes, the market is oversupplying these expensive properties, making it harder for lower-income households to find affordable housing.   Addressing this issue requires building more homes and implementing state and local policy reforms, such as zoning changes and reducing the risks associated with condominium development. These measures are essential to close the gap between what households can afford and the current housing prices in Colorado. https://lnkd.in/gmQD8VYG

#ICYMI: With home prices and mortgage rates on the rise, reporting on housing affordability has become more crucial than ever. Discover how to report on this pressing issue in a meaningful way, from focusing on niche markets to leveraging key resources like the National Association of Realtors and the Urban Institute. Read the full article to learn more:

With home prices and mortgage rates on the rise, reporting on housing affordability has become more crucial than ever. Discover how to report on this pressing issue in a meaningful way, from focusing on niche markets to leveraging key resources like the National Association of Realtors and the Urban Institute. Read the full article to learn more:

An increase in the statewide population over the next few years, coupled with a strong desire for many renters to buy soon should help push housing demand to a higher level in the next few years, according to a recent report by the California Association of Realtors (CAR). #marketupdate #Uptownbrokers #DarrenWalker #realtors #socalrealtor #realestateagents #socalrealestateagent #mortgage #mortgagebroker #propertymanager #PropertyManagement https://lnkd.in/gKaKGSRd

RealtyHop released the June Housing Affordability Index to examine whether an average American family can afford to buy a home. -Homebuyers in 89 of the 100 major cities now spend over 30% of their -annual income on homeownership, seven more cities than last month. -In the 25 most unaffordable housing markets, homeowners spend at least 48% of their income on homeownership. Review more of our findings here: https://lnkd.in/e39bUq7E

🏡 **Searching for an affordable home in today’s market?** With housing prices skyrocketing across the U.S., finding something within budget can feel like an impossible task. But there’s still a place offering affordability—**Northeast Ohio**. 📍 Cities like **Youngstown** and **Akron** are bucking national trends. While many areas now demand $600,000+ for a starter home, the median home price in Youngstown is just $175,000, and in Akron, it’s $239,500. In a time when the national housing market has seen a 47% price increase since 2020, Northeast Ohio is one of the last remaining regions where homeownership remains within reach. 🔑 What’s driving the affordability crisis elsewhere? A combination of rising home prices, increasing interest rates, and a shortage of available homes has made finding a reasonably priced property more difficult than ever. But if you’re willing to look at alternative markets, places like Northeast Ohio offer a great opportunity to invest in real estate without breaking the bank. 🔗 Learn more about this market here: https://lnkd.in/gXNeJQMT 💬 Have you been impacted by rising home prices? Share your thoughts or let’s connect if you want to discuss real estate strategies in affordable markets! Follow me for more insights on real estate, mortgages, and wealth-building opportunities.

🏠 California Housing Crisis Alert 🏠 In a historic first, the median sales price for a home in California has skyrocketed to over $900,000. According to the Los Angeles Times, April saw the statewide median sales price for previously owned single-family homes hit a staggering $904,210—an 11.4% increase from last year. This dramatic rise, coupled with mortgage rates now at 7%, underscores the urgent need for more affordable housing options across the Golden State. As housing prices soar and affordability becomes a distant dream for many, it's crucial that we focus on creating sustainable and accessible housing solutions. Everyone deserves a place to call home. At Homes & Hope we are doing our best to make a difference. Please support more affordable housing options in your community! #AffordableHousing #HousingCrisis #CaliforniaHousing #RealEstate #SustainableLiving #HomeForAll Read the full article here: https://lnkd.in/gE8GQvME

"Around 52.3 million of the 134 million families in the United States reside in a home they don’t own. Although some families choose to rent, many can’t afford to buy a home where they live. Among those renter households, only 7.9 million, or 15.1%, can afford to buy an average-priced home in their local market, given current mortgage rates, home prices, and incomes, according to a recent analysis by Zillow economists. "ResiClub reached out to Zillow to get the housing affordability analysis on a regional level. Among the 50 largest metro area housing markets, these 5 have the lowest percentage of non-homeowner households who can afford to buy the average-priced home in their market. Four of the top five cities are located in California." #housing 

𝑾𝒉𝒂𝒕'𝒔 𝑯𝒂𝒑𝒑𝒆𝒏𝒊𝒏𝒈? A recent Zillow study reveals that the time required to save for a down payment on a home varies greatly across U.S. cities. For instance, in Pittsburgh, a median earner can afford a home with no savings required, while in Los Angeles, it can take over 36 years. 𝑾𝒉𝒚 𝑫𝒐𝒆𝒔 𝑰𝒕 𝑴𝒂𝒕𝒕𝒆𝒓? This disparity highlights significant challenges in housing affordability. It affects where individuals and families can realistically aim to buy homes and underscores the financial hurdles posed by high home prices and interest rates in many areas. 𝑯𝒐𝒘 𝒕𝒐 𝑹𝒆𝒔𝒑𝒐𝒏𝒅? ·       F͟o͟r͟ P͟r͟o͟s͟p͟e͟c͟t͟i͟v͟e͟ H͟o͟m͟e͟b͟u͟y͟e͟r͟s͟: Understand the local market conditions and plan your savings accordingly. Explore cities with more affordable housing options if relocation is feasible. ·       F͟o͟r͟ F͟i͟n͟a͟n͟c͟i͟a͟l͟ P͟l͟a͟n͟n͟e͟r͟s͟ a͟n͟d͟ A͟d͟v͟i͟s͟o͟r͟s͟: Provide tailored advice to clients based on their target housing markets and saving capacities. ·       F͟o͟r͟ P͟o͟l͟i͟c͟y͟m͟a͟k͟e͟r͟s͟ a͟n͟d͟ C͟o͟m͟m͟u͟n͟i͟t͟y͟ L͟e͟a͟d͟e͟r͟s͟: Focus on creating affordable housing initiatives and policies to help mitigate these disparities and support homeownership. 𝑲𝒆𝒚 𝑻𝒂𝒌𝒆𝒂𝒘𝒂𝒚𝒔 ·       I͟n͟ P͟i͟t͟t͟s͟b͟u͟r͟g͟h͟, a median income allows for immediate home affordability without additional savings. ·       In contrast, L͟o͟s͟ A͟n͟g͟e͟l͟e͟s͟ requires over 36 years of savings for a down payment on a typical home. ·       Generational wealth is a crucial factor, with 43% of buyers receiving help from family or friends for their down payment. #Finance #Integrity #DownPayment #HomePrices #RealEstate https://archive.md/6j2Zj