The Federal Housing Finance Agency (FHFA) has opened membership applications for its Federal Advisory Committee on Affordable, Equitable, and Sustainable Housing. FHFA said it is looking for a broad range of experts and stakeholders to serve on its advisory committee, which will provide input on any regulatory or policy changes regarding affordable, equitable, and sustainable … [Read more…]
Colorado Springs is one of the most breathtakingly beautiful places in the country — if not the world. It’s no wonder, then, that so many people want to call this great city home. In fact, nearly 4,000 people moved to Colorado Springs in 2021 alone, an upward trend the city has experienced since 2019.
But it’s not just the beauty of nature (hello, Pikes Peak!) that brings tourists and new residents alike to the area each year. Colorado Springs provides a relaxed atmosphere, a strong sense of community, clean air and exquisite dining and entertainment opportunities. Colorado Springs — and the state of Colorado itself — are also well-known for being extremely health conscious.
If these qualities appeal to you, then you should definitely consider finding an apartment for rent in Colorado Springs. And that leads us to another perk of living in this awesome city — affordable housing. While the overall cost of living is around 3.4 percent above average, rental prices are dropping (by nearly 25 percent in the past year). It’s the perfect time to start looking for an apartment here, but where should you live in Colorado Springs?
This city has numerous neighborhoods that would fit the needs of many new residents. But what neighborhood is right for you? We want to make the choice of where to live in Colorado Springs easy, so you can take out our interactive quiz to find your ideal neighborhood!
Downtown
Briargate
Old Colorado City
Pikes Peak Park
Norwood
Broadmoor
Northgate
Ivywild
Source: rent.com
When it comes to finding the ideal place to put down roots, West Virginia is a state that often flies under the radar. Offering a singular blend of natural beauty, thriving local economies and rich cultural tapestries make the towns and cities featured below fantastic places to live in West Virginia.
Whether you’re a young professional chasing career opportunities, a family seeking quality education and safe neighborhoods or retirees looking for a peaceful retreat, the Mountain State has something for everyone. Let’s embark on a journey to uncover the unique qualities that make each town below stand out as one of the best places to live in West Virginia.
Morgantown offers a harmonious blend of college-town energy and Appalachian tranquility. Home to West Virginia University, the town hums with a youthful vibe that infuses everything from its trendy coffee shops to its bustling arts scene. The university acts as a hub, drawing in world-class performances, sporting events and academic conferences. At the same time, its healthcare and biotech industries offer solid employment opportunities, making it a stable place to plant roots and raise a family.
Outdoor enthusiasts will never have a dull weekend here. Morgantown is just a stone’s throw away from the Cheat River, offering a playground for kayakers, anglers and hikers. Morgantown is also famous for its Personal Rapid Transit (PRT) system — an eco-friendly public transportation marvel — that whisks residents and students around town with futuristic flair. Affordable housing options, highly rated schools and an array of eateries serving everything from Appalachian comfort food to global cuisines make Morgantown an appealing choice for people of all ages and backgrounds.
As the capital city, Charleston secures its spot as one of the best places to live in West Virginia through a compelling mix of political gravitas and natural beauty. It’s where marbled government buildings stand just a short walk from artisan boutiques and casual eateries. The Charleston Coliseum and Convention Center serves as the heartbeat of entertainment in the city, hosting concerts, sporting events and even the annual state dance festival. Job opportunities are abundant here, particularly in healthcare, education and government, making it a prime location for career-driven individuals and families alike.
Even if you’re not into politics or live shows, Charleston knows how to keep its residents engaged. The Kanawha River snakes through the city, providing a waterway for boating or a scenic backdrop for an afternoon jog. An appealing blend of modern amenities and a serene Appalachian setting make Charleston an irresistible place to call home.
Huntington presents an engaging mix of academic excellence and industrial strength. This riverside town is home to Marshall University, an institution that contributes not just educated graduates, but also a youthful energy that permeates the city. You’ll find eclectic shops, buzzing cafes and a range of art galleries, thanks to this infusion of student spirit. Huntington is also a working town with deep roots in manufacturing and healthcare, providing diverse employment prospects for its residents.
Ritter Park is a community favorite, with trails for runners, gardens for botany enthusiasts and playgrounds for the little ones. The Ohio River provides an inviting setting for a variety of water activities, from fishing to boating. On the food front, Huntington surprises with a diverse menu of options that defy its small-town status, offering everything from classic American fare to sushi bars. Top-notch schools and community-centered events like the annual ChiliFest round out Huntington’s appeal as a hometown with both heart and hustle.
Wheeling stakes its claim as one of the best places to live in West Virginia by elegantly blending its rich history with a dynamic present. As a gateway to the West in the early days of America, this city has a storied past visible in its Victorian architecture and historic sites like the Capitol Theatre, a 1928-built venue that still hosts shows today.
When it comes to recreation, Wheeling doesn’t skimp. The Ohio River offers ample opportunities for boating, fishing and scenic picnics. The Wheeling Heritage Trails system provides miles of well-maintained paths for bikers, runners and anyone looking to enjoy the outdoors. On weekends, residents flock to the Wheeling Artisan Center to shop for local crafts or head to Centre Market to enjoy quality food with a side of live music. With its strong sense of community, excellent school system and plentiful entertainment options, Wheeling is the sort of place that wins you over and convinces you to stay for the long haul.
Bridgeport doesn’t just make the list, it shines brightly as one of the best places to live in West Virginia, thanks to its top-rated schools, booming economy and family-friendly atmosphere. This growing city is a hub for the aerospace and healthcare industries, drawing in professionals and families with its promise of well-paying jobs and a high standard of living. Those eager to ascend the corporate ladder will find companies like Pratt & Whitney and United Hospital Center offering a plethora of career opportunities.
Beyond its corporate and educational accolades, Bridgeport is a town that knows how to kick back and enjoy life. Options for recreation abound, from golf courses that would delight even a PGA pro, to the sprawling Bridgeport City Park with its sports fields, hiking trails and summer concert series. Add to this the appealing mix of dining options — everything from old-school Italian joints to modern farm-to-table experiences — and you’ve got a city that satisfies every palate. Combining a robust economy with a laid-back lifestyle, Bridgeport truly offers the best of both worlds.
If you’re looking for small-town charm with big-city conveniences, Fairmont effortlessly earns its spot as one of the best places to live in West Virginia. Fairmont is a hub for technology and education, serving as the home for Fairmont State University, which not only educates but enriches the community through cultural and sporting events. Job seekers will find a range of opportunities in healthcare, education and technology. But Fairmont doesn’t lean solely on its academic and economic credentials; it also has a thriving arts scene, featuring galleries, theatres and even a symphony orchestra.
Fairmont sits along the Tygart Valley River, providing ample opportunities for fishing, kayaking and enjoying serene waterfront views. The local parks are generously dotted with playgrounds, skate areas and baseball fields, ensuring that families have ample space to spread out and play. Foodies can explore an array of culinary delights, from mouth-watering pepperoni rolls right from the Fairmont bakery where they first came to life — The Country Club Bakery — to upscale dining experiences. Coupled with affordable housing and a strong sense of community, Fairmont proves that you can indeed have it all.
Anchored by Shepherd University, Shepherdstown easily ranks as one of the best places to live in West Virginia. As the oldest town in the state, it exudes a sense of timelessness through its cobblestone streets and centuries-old brick buildings. However, the presence of the university injects a youthful energy that manifests in trendy boutiques, indie bookstores and a surprisingly strong arts scene. From live music festivals to theater performances, the town’s cultural calendar is perpetually filled, offering an intellectual and artistic smorgasbord for locals and visitors alike.
But Shepherdstown isn’t just for the intellectually curious or artistically inclined; it also serves up a treasure trove of outdoor adventures. Situated along the Potomac River, kayaking and fishing are practically local pastimes. For outdoorsy types, the C&O Canal National Historical Park provides ample hiking and biking trails to explore. With its low crime rate, strong sense of community and high standard of living, Shepherdstown checks all the boxes for anyone looking for a charming yet modern place to call home.
If you’re a fan of the arts and outdoor beauty, Lewisburg secures its spot as one of the best places to live in West Virginia. This quaint town in the Greenbrier Valley isn’t just a postcard-perfect scene; it’s a thriving cultural hub with a robust calendar of events, ranging from live theater at the Greenbrier Valley Theatre to the annual Lewisburg Literary Festival. Once named the “Coolest Small Town in America”, it’s a place where artists find inspiration, bringing visitors from all over to experience its unique creative ambiance. The town also has excellent schools and healthcare services, making it an ideal place for families and retirees alike.
When the curtain falls and the paint dries, Lewisburg offers a wealth of outdoor adventures to keep you active. Whether you’re an angler tossing lines into the Greenbrier River or a hiker eager to explore the surrounding Appalachian Mountains, there’s something for everyone. With an inviting mix of culture, convenience and the great outdoors, Lewisburg proves you can have sophistication and nature all in one stellar package.
Martinsburg holds its own as one of the best places to live in West Virginia, particularly for those seeking a blend of small-town charm and big-city amenities. Conveniently located along the MARC commuter rail line, it offers easy access to Washington, D.C., making it a perfect base for professionals craving a peaceful retreat without losing the pulse of the city. Job prospects are abundant in healthcare and manufacturing, but the commuting option opens the doors to countless additional opportunities in the nation’s capital.
The nearby Shenandoah and Potomac Rivers are a paradise for fishing, kayaking or lazy scenic floats. For land-based fun, hiking trails offer miles of woodland exploration. Families enjoy quality time at the local parks, where weekend soccer games and barbecues are common scenes. Shopping centers and farmers markets offer everything from fresh produce to artisanal crafts, making errands more of a pleasure than a chore in the Eastern Panhandle of West Virginia.
Straddling the banks of the Ohio River, Parkersburg defies expectations and proudly stands as one of the best places to live in West Virginia. This city refuses to be boxed into stereotypes, offering a captivating blend of industrial ingenuity and natural beauty. Parkersburg serves as a regional center for the petrochemical industry, providing robust job opportunities, while also boasting an array of museums, historical landmarks and even a wildlife refuge for bald eagles. You get the sense that this city is all about balance, serving as a stable foundation for working professionals, families and everyone in between.
The Ohio River supports boating and fishing, while Parkersburg City Park has a zoo, skate park and swimming pool to keep the entire family entertained. For the culturally inclined, the Smoot Theatre showcases local talent and brings in performances that you’d typically expect in much larger cities.
Downtown features an intriguing mix of antique stores, specialty shops and restaurants that offer everything from farm-fresh West Virginia produce to international delicacies. With low housing costs, excellent schools and a quality healthcare system, Parkersburg presents a compelling argument for anyone seeking an enriched life without the big-city chaos.
As we’ve seen, there’s a wealth of options when it comes to the best places to live in West Virginia. Each town and city offers a unique set of advantages, whether it’s the career opportunities in bustling economic hubs, the familial warmth in close-knit communities or the serene natural landscapes that offer a break from the frenetic pace of modern life.
West Virginia proves that the quest for a balanced life doesn’t require a compromise between economic stability and a high quality of life. The state serves as a microcosm of what’s possible when communities invest in education, infrastructure and cultural enrichment, making any of these towns not just a place to live, but a place to thrive.
Source: rent.com
The U.S. housing market is short by at least 6.5 million homes. After more than a decade of under-building relative to population growth, there are simply not enough affordable entry-level and first-time move-up options available for buyers. Renters are finding themselves priced out of areas within a reasonable commuting distance to work.
The scarcity of housing has driven home prices and rents prices to an all-time high and pushed affordability to a multi-decade low. Over the next decade, there will be more than two million adults added annually to the U.S. population, due to a combination of aging and immigration. This shift will drive a voracious need for more housing, especially among entry-level and first-time move-up homes at lower price points given structural affordability challenges.
Housing has been materially unbuilt for the past 15 years. Most production builders have focused on ever larger and more expensive new homes, and relatively few new homes have been built that cater to lower-income households and entry-level buyers, especially in high-cost coastal markets.
Most recently, rising interest rates have intensified the fight for housing. From February 2011 to April 2022, mortgage rates never rose above 5%, making the cost to borrow money and buy a home very cheap. However, since 2022, there has been a rapid rise in rates that has created a “lock-in effect” and stalled many families who would have otherwise considered moving. Homeowners who “locked-in” a mortgage rate of 3-4% during the pandemic are unwilling to buy a home at a 7%+ on a new mortgage, which means even fewer homes are going on the market as existing homeowners choose to stay put.
For those hoping to buy a home for the first time, the rise in rates means that monthly payments are effectively double what they would have been a year ago, a reality that has priced many people out of buying. Couple that with rising costs of home insurance and the general price inflation, and there is a massive housing affordability problem facing the majority of the country.
This persistent housing shortage has generated a pressing need for alternatives that can bridge the gap between demand and supply, while accounting for a limited availability of land in top areas.
Enter the Accessory Dwelling Unit, commonly known as an ADU, or more informally called an in-law suite, granny flat or backyard home. ADUs are small, self-sufficient structures that usually have one to three bedrooms, a private entrance, and all the amenities that a resident would require including kitchens and bathrooms. ADUs are one of the most effective ways to add density and rental properties in a higher cost market. These generally detached structures can be built in less than a year and cost far less to build than primary homes. Depending on where you live, there are also various state-run programs such as the CalHFA ADU Grant in California that can bring down building costs tremendously.
For homeowners, ADUs offer an opportunity to provide affordable housing on the rental market or house relatives that would otherwise be unable to afford the neighborhood. These structures can generate rental income to offset rising mortgage payments, and create more long-term rental supply, ultimately lowering the average rental cost for tenants. For local governments, ADUs can increase the number of tenants in areas where high-rise dwellings are not a desirable option. ADUs also offer a compelling option for multi-generational living, which can be a tremendous help with families that want to reduce burdens of childcare and senior care.
Fortunately, we are seeing many government authorities focusing on changing housing policies and zoning codes to make ADUs a more actionable solution. It’s a rare example of government housing policies driving the private market to solve a critical problem. For example, California’s changes in laws and regulations have made ADUs much easier to build. The momentum from these regulations has resulted in a large increase in ADU construction activity: permits for ADUs in California have increased nearly 22x from around 1,100 in 2015 to nearly 24,000 in 2022 and roughly 68,000 ADUs were built across California between 2017-2021. As a result, there are a large number of new housing units that have been added to high-cost locations where people hope to live and work.
Nationwide, many local and state governments are starting to follow the California example. Washington, Oregon, Florida, and Colorado, to name a few states, are starting to make ADUs a more prevalent part of solving the housing affordability issue. Ultimately, ADUs alone won’t solve decades of housing issues. But they can close the gap between the number of people looking for affordable housing and the number of homes available for rent or purchase.
Sean Roberts is CEO of Villa, an ADU builder in California.
This column does not necessarily reflect the opinion of RealTrends’ editorial department and its owners.
To contact the author of this story:
Sean Roberts at [email protected]
To contact the editor responsible for this story:
Tracey Velt at [email protected]
Source: housingwire.com
If you’re contemplating making a move, you may be curious about the best places to live in Arkansas. From bustling cities steeped in history to quaint towns with thriving education and tech industries, Arkansas is a state of opportunity.
Whether you’re seeking an outdoor playground, a cultural hub or a community where you can climb the corporate ladder, this guide will provide insights into what makes each location unique, ultimately helping you decide the best place to live in The Natural State.
As the third-largest city in the state and home to the University of Arkansas, Fayetteville presents an inviting mix of small-town charm and big-city amenities. Razorback football games turn the entire community into a sea of red, while the Fayetteville Farmers Market provides a weekly display of local produce and crafts that showcases the area’s natural bounty.
The city isn’t all about sports and farming, though. Fayetteville also has a flourishing arts scene, complete with galleries, theaters and live music venues.
Fayetteville takes quality of life seriously, with an array of parks, trails and green spaces helping the city earn a reputation as one of the most outdoor-friendly cities in the South. The Ozark Mountains provide a scenic backdrop for hiking, biking, and outdoor exploration, while the city itself is highly walkable with an efficient public transit system. Affordable housing and excellent public schools make it an ideal place for families, and the diverse job market — which includes industries like healthcare, education and technology — draws skilled professionals from a wide range of fields.
Often cited among the top places to live in Arkansas, Bentonville is more than just the corporate headquarters of Walmart. It’s a hub of innovation, culture and outdoor adventure. With its unique position at the crossroads of business and leisure, the city offers a lifestyle that caters to seasoned professionals and young families alike.
Downtown Bentonville is a hive of activity with an eclectic mix of coffee shops, gourmet restaurants and boutique stores. For those who appreciate art, the Crystal Bridges Museum of American Art is a major draw, showcasing works from the Colonial period to the present day.
Bentonville has something for outdoorsy types, too. The city is a great spot for mountain bikers, thanks to an extensive network of trails that range from beginner to expert levels. Families can take advantage of many parks and open spaces, and Lake Bella Vista is a scenic locale for kayaking, fishing and soaking up the Northwest Arkansas sun.
For daily errands and essentials, the town has plenty of convenient shopping options, many of which are located within a short drive. The highly rated public school system and low crime rates add to the city’s appeal, making Bentonville not just a great place to work, but a fantastic place to call home in Arkansas.
Little Rock, the capital city of Arkansas, consistently ranks among the premier spots in Arkansas for good reason. This metropolitan area offers a compelling mix of historical landmarks, cultural events and economic opportunities.
The city’s River Market District is a lively area filled with artisanal shops, eateries and bustling farmers markets, setting the stage for a solid social scene. Add to that a healthy selection of museums, including the William J. Clinton Presidential Library, and you have a city that is historically rooted and forward-thinking.
For everyday living, Little Rock delivers a variety of essentials. Education options abound, from a multitude of public and private schools to institutions of higher learning like the University of Arkansas at Little Rock. Health and wellness are prioritized, with a network of hospitals and clinics offering top-notch medical care. Outdoor enthusiasts will appreciate the city’s proximity to the Arkansas River and Pinnacle Mountain State Park. Meanwhile, job opportunities healthcare, education and government make Little Rock an appealing destination for folks from all walks of life.
Easily among the best places to live in Arkansas, Rogers offers a distinctive blend of old and new. Once a sleepy town, Rogers has evolved into a thriving community that has maintained its charm while embracing growth and development. Historic Downtown Rogers takes you on a journey back in time with its well-preserved architecture, antique shops and charming cafes, while the modern Pinnacle Hills area delivers a more contemporary shopping and dining experience. For fans of live performances, the Walmart AMP hosts a ton of concerts and events throughout the year.
Rogers is home to one of the largest public school districts in the state, providing a range of education options for families. If you’re into outdoor activities, Beaver Lake offers a scenic getaway for boating, fishing and camping. The city is also favorable for business, as it serves as the headquarters for multiple corporations, providing a ton of job opportunities in various industries. Low crime rates, affordable housing and a healthy offering of convenient community amenities make Rogers an appealing choice for anyone contemplating a move to Arkansas.
Undoubtedly a contender for the title of one of the most enviable places to live in Arkansas, Hot Springs lives up to its name with its famous thermal baths, offering residents and visitors alike a unique place to relax and unwind. But the allure of Hot Springs goes well beyond its therapeutic waters. The city is steeped in history, from the Bathhouse Row with its neoclassical architecture to the Gangster Museum that delves into the city’s colorful past. Even sports enthusiasts have something to cheer for here; the Oaklawn Racing Casino Resort is a significant hotspot for horse racing aficionados.
Hot Springs is home to a range of public and private schools. With the Ouachita Mountains providing a breathtaking backdrop, outdoorsy people can easily enjoy activities like hiking, boating and fishing. Health services are accessible and reliable, bolstered by a number of hospitals and clinics. Job opportunities in healthcare, tourism and retail offer a varied employment landscape, making Hot Springs not just a great place to visit for its healing waters but a well-rounded Arkansas community to call home.
Conway has been gaining attention as one of the best places to live in Arkansas, especially for those who are looking for an educational and cultural hub. Often referred to as the “City of Colleges,” Conway is home to three higher education institutions: the University of Central Arkansas, Hendrix College and Central Baptist College. This influx of students enriches the city’s cultural fabric, bringing a youthful energy and academic flair that sets the city apart. Conway has a burgeoning tech industry too, earning it the nickname Silicon Prairie, as it becomes an increasingly attractive place for startups and tech companies.
Conway is known for its excellent public school system, giving parents plenty of educational choices for their children. Nature lovers will enjoy the proximity to natural wonders like Lake Conway and Cadron Settlement Park. Retail is abundant, with shops ranging from big-box stores to locally owned boutiques. Given its low cost of living and job opportunities in education, technology and healthcare, Conway stands out as a compelling option for anyone considering making Arkansas their home.
Positioned as a rising star among the best places to live in Arkansas, Jonesboro combines the amenities of a larger city with the friendliness of a smaller town. As the home of Arkansas State University, Jonesboro has a youthful energy that influences everything from its lively arts scene to its sports culture.
While the university acts as a beacon for educational culture, it’s also a significant employer in the area. Additionally, the city’s Downtown is an ever-evolving space featuring a variety of restaurants, shops and entertainment venues, all contributing to a strong community.
In Jonesboro, families will find a diverse range of public and private school options, while healthcare services are robust, anchored by the NEA Baptist Medical Campus. Outdoor aficionados will appreciate Craighead Forest Park, which offers miles of trails, a lake and multiple playgrounds for both two-legged and four-legged family members. Employment opportunities span education, healthcare and manufacturing and the city’s relatively low cost of living makes it an attractive destination for professionals and families alike.
Springdale is a city that surprises with its mix of industrial prowess and natural beauty. Known primarily as the headquarters for Tyson Foods, the city is a powerhouse in the poultry industry, offering a range of job opportunities. But there’s more to Springdale than chickens and commerce. Arvest Ballpark serves as the home of the Northwest Arkansas Naturals, bringing Minor League baseball excitement to the community.
Springdale boasts a wide range of academic options thanks to its expansive public school system and private schools. Public services are robust, including a network of libraries and parks. Har-Ber Lake and Lake Elmdale provide local options for some of the best fishing in the state. Healthcare facilities are highly rated and the city’s diverse retail and dining options mean residents don’t have to venture far for shopping or a good meal.
As the home to Harding University, Searcy boasts an atmosphere of intellectual curiosity and cultural enrichment. The university brings a ton of events and activities to the town, ranging from music concerts to academic lectures. The historic downtown area features a variety of boutique shops and local restaurants, making it a charming spot for an afternoon stroll or a dinner for two.
In Searcy, outdoor activities are easily accessible, with the Little Red River providing opportunities for fishing and water sports. Health services are robust, with the White County Medical Center serving as a reliable healthcare provider for the community. Add to this a diverse job market that includes sectors like healthcare, education and retail, and it becomes evident why Searcy is a prime destination for anyone contemplating life in Arkansas.
Fort Smith holds a unique position as one of the most desirable places to live in Arkansas, serving as a gateway to both the South and the Midwest. The city’s rich history is evident everywhere, from the 19th-century military post at Fort Smith National Historic Site to the time-worn tracks of the trolley at the Fort Smith Trolley Museum. Alongside this homage to the past, Fort Smith is also very much with the times, with the Unexpected Art Project turning downtown buildings into large-scale canvases for international artists.
In Fort Smith, education is a strong suit, with the University of Arkansas at Fort Smith providing a hub for higher education, and a range of public and private K-12 schools offering quality options for families. Employment opportunities are a mixed bag, spanning the healthcare, manufacturing and retail industries. The city is also blessed with natural beauty, with the Arkansas River and the Ozark Mountains providing ample opportunities for outdoor activities.
Choosing the right spot to call home can be a challenging endeavor, but hopefully, this guide to the best places to live in Arkansas has given you a head start on your search. Each city or town offers its own unique advantages, from educational opportunities and career prospects to outdoor activities and cultural enrichment.
Whether you’re a tech-savvy professional, a family looking for excellent schools or an outdoor enthusiast eager for your next adventure, Arkansas has a place that can cater to your lifestyle and aspirations. Consider what aspects are most important to you, and you’re sure to find a community in the Natural State that feels like home.
Source: rent.com
Retail giant Amazon announced on Wednesday the launch of a new pilot program designed to assist moderate-income families in three different U.S. communities with the purchase of up to 800 homes, in partnership with the National Housing Trust (NHT).
The initiative will include $40 million to assist residents in the Puget Sound, Washington, Arlington, Virginia, and Nashville, Tennessee communities, the company said. Amazon says the investment will “help moderate-income residents in these communities to purchase homes as a path to help build generational wealth.”
The nonprofit NHT will use the funds from Amazon’s program to acquire and build affordable homes for sale in partnership with a network of local organizations in across the three communities.
These include Habitat for Humanity Seattle-King & Kittitas Counties serving the Puget Sound region; the African Community Housing & Development (ACHD) and Homestead Community Land Trust both serving King County, Wash., the Douglass Community Land Trust in Washington, D.C. and The Housing Fund serving Nashville.
Additional partnerships through this program are possible in the future, the company said.
Amazon cites data from the National Association of Realtors (NAR) attributing affordability challenges to the “combination of rising interest rates and increasing home prices” in a majority of U.S. metropolitan areas.
“Amazon and NHT will invest in community land trusts, a model where the land itself will be owned and stewarded by nonprofits and community-based organizations, and where residents will own their physical homes,” the company said in its announcement. “Removing the cost of the land from the total cost of the home allows the price of homes to stay affordable, stabilizing families in their communities while combating gentrification.”
Last year, Amazon made a housing investment of $10.6 million into the Nashville area to build and renovate 130 affordable homes, bringing its then-total investment into that community to roughly $100 million.
Source: housingwire.com
Amazon.com Inc. is making its first foray into support for home ownership, putting up $40 million through nonprofit partners to create affordable housing.
The move comes after the e-commerce giant has provided some $1.7 billion to create or preserve affordable rental units as part of a $2 billion initiative launched two years ago.
The homeownership program announced Wednesday will back projects near the company’s two headquarters sites in Seattle and Arlington, Virginia, as well as Nashville, a hub for Amazon’s logistics group. The National Housing Trust, a nonprofit, will use Amazon’s cash to acquire or build affordable homes in partnership with local organizations. The company anticipates the cash going to fund community land trusts, which hold onto the underlying land, but sell the structures to defray some of the cost associated with buying a house, as well as down payment assistance.
“Traditionally in the United States, homeownership has been the path to generational wealth creation,” said Senthil Sankaran, managing principal of Amazon’s Housing Equity Fund and a former official with the Washington, D.C., Housing Authority. “We wanted to use this pilot program to understand where there might be opportunities to expand access to homeownership for folks that may be shut out from the benefits of homeownership.”
Amazon committed in 2021 to investing $2 billion in below-market loans and grants to support affordable apartment units, adding its sum to the more than $5 billion fellow technology giants had earmarked to help solve a housing crisis in and around their West Coast headquarters cities. The companies have funded a variety of approaches, from low-cost loans to nonprofits to partnerships with government entities or state affordable housing funds. Amazon’s effort is centered on people who make too much to qualify for most government assistance, but are unable to keep up with rising housing costs.
Would-be homebuyers in the last year have had to contend with rising interest rates that can put mortgage loans out of reach. U.S. housing affordability in July was at a record low going back to 1989, the National Association of Realtors said last week.
Amazon’s original fund, which was launched with a goal of creating or supporting the preservation of 20,000 housing units by 2025, is nearing the end of its initial outlay. Sankaran said it was premature to say whether Amazon would reinvest the sum in perpetuity, or whether the scale of the new homeownership program would be expanded in the future. Amazon, thus far, said it has helped build or preserve more than 14,000 rental units to date.
“We’re going to have some additional announcements coming forward,” Sankaran said. “Right now, I’m very focused on meeting the goals.”
Source: nationalmortgagenews.com
The Realtor survey was sent out in late July to 55,751 randomly-selected residential Realtors. NAR received 1,919 responses by the mid-August close date of the survey. The homebuyer survey was conducted by Morning Consult in June 2023. Of the 2,201 respondents, 587 were white, 560 were Hispanic/Latino(a), 533 identified as African-American/Black and 521 identified at Asian American or Pacific Islander (AAPI).
In the realtor survey, Millennials were the largest home buyer generation represented. Forty-two percent of agents reported that they were working with Millennials, followed by Gen X at 22%, Baby Boomers at 12%, Gen Z at 8% and Civics (those aged 78 and older) at 1%.
White homebuyers were the largest racial group represented at 58%, followed by Hispanic/Latino(a) at 11%, African-American/Black at 10% and Asian-American at 3%.
Over half of the Realtors (51%) reported they their buyers were first-time buyers. In the buyer survey, 71% of white respondents reported they currently own a home, while 67% of African-American/Black responses said they do not currently own a home. In addition, 89% of Hispanic/Latino(a) buyers, as well as African-American/Black buyers said they will be first-time buyers, compared to just 65% of white respondents.
When broken up by race or ethnicity, white buyers are more likely than other races to report not yet having a purchased a home mainly due to lack of availability in their budget, while Hispanic/Latino(a) buyers are more likely to be hampered mainly by the inability to save a sufficient down payment. AAPI buyers are most likely to be waiting for prices to drop and African-American/Black buyers are most likely to report trouble getting approved for a loan due to credit issues as the main reason they have not bought yet.
Generationally, Gen X (12%) and Baby Boomer (11%) buyers are more likely than other generations to be waiting for prices to drop (only 9% of Gen Z buyers and 6% of Millennial buyers are waiting for prices to drop). However, Baby Boomers are the least likely to be concerned about competing with all-cash buyers, with just 24% listing this as a concern compared to 34%-42% for the other generations.
According to the Realtor survey, 77% of their prospective buyers who have applied for a loan, have been approved, while 6% have applied but been denied. Of those who have been denied, 12% report it is due to low credit score and 9% report it was due to insufficient down payments.
Black/African-American buyers who have not been approved for a loan are more likely than other racial or ethnic groups to have been denied due to low credit scores, at 32% versus 17% or less for the other racial and ethnic groups.
Realtors reported that 68% of their buyers were considering a conventional loan, 38% were considering an FHA loan, 8% were considering a VA loan and 7% said their buyers did not need home loan financing. FHA loans more likely to be considered by African-American/Black and Hispanic/Latino(a) buyers than white and AAPI buyers, and white and AAPI buyers were most likely to not need financing, at 8% and 9% respectively, compared to 4% or less for other racial and ethnic groups. Broken down on generational lines, 25% of Baby Boomers report not needing financing, compared with just 8% or less for younger generations.
First time buyers (54%) are more than twice as likely as repeat buyers (22%) to consider an FHA loan. Divided among racial and ethnic groups, African-American/Black buyers (62%) and Hispanic/Latino(a) buyers (57%) are more likely to consider FHA loans than other groups (34% or less). Generationally, younger buyers are more likely to consider FHA loans with 57% of Gen Z buyers reporting they have considered an FHA loan, compared to 11% of Baby Boomers.
Among buyers who were eligible for FHA or VA loans, 20% of realtors said their buyer clients have not considered VA or FHA because they do not want to pay private mortgage insurance (PMI) (21%) or they are worried their offers will be less competitive with these options (19%).
According to the survey, 53% of realtors say that at least one issues is holding their latest buyer back from saving a competitive down payment, with 23% reporting current rent or mortgage payments holding buyers back, 17% reporting credit card balances or payments, 12% reporting student loan debt and 11% citing car loans.
First-time buyers are significantly more likely to struggle with these challenges than repeat buyers, with twice as many first-time buyers reporting that they are struggling with credit card payments (22% vs. 11%), and student loan debt (17% vs 7%). When broken down via race and ethnicity, AAPI (52%) and white buyers (52%) were more likely than African-American/Black buyers (31%) and Hispanic/Latino(a) buyers (36%) to report that nothing was holding them back from saving for a down payment. Along generational lines, younger buyers are more likely to be held back by student loan debt (20% of Gen Z, 15% of Millennials, and 8% or less for older generations), car loans (16% of Gen Z vs. 3% of Baby Boomers) and childcare expenses (12% of Gen Z, compared to 2% of Baby Boomers). Overall, the older the buyer the more likely that none of the above issues are holding them back from saving for a down payment, with 70% of Baby Boomers reporting that none of these issues are holding them back compared to 40% of Gen Z buyers.
Despite their challenges, only 23% of Realtors reported that their buyers dealing with these challenges have applied for down payment assistance programs, while 12% of consumers reported that they were unaware of these programs.
The number one reason, at 30%, Realtors cited as to why their buyers who were aware of down payment assistance programs did not apply was that their income was too high. This was followed by 19% who said their buyers didn’t know enough about the programs and 17% who were worried about the competitiveness of their offers in a multiple bid situation.
First time buyers were three times more likely to have applied for down payment assistance programs than repeat buyers at 30% compared to 10%. Similarly, the younger the buyer, the more likely they are to have applied for a program, with 36% of Gen Z buyers reporting they had applied versus 11% of Baby Boomers.
Among racial groups, AAPI buyers were the least likely to have applied to a down payment assistance program at 13% versus 22%-31% for other groups. In addition, they were the most likely to say they were unaware of the programs at 26% compared to 8%-13% for other racial groups.
When determining the location of their future home, 71% of realtors reported that their buyers were determining the location of their next home base on the location of their job or the job of someone in their household. Of the remaining roughly 30%, 16% said their buyer work fully remote and 14% reported that they buyers are retired. They are typically looking for 30 minutes or less of driving time (consumers reported 25 minutes or less).
Baby Boomer were the most likely to be retired at 61% compared to 2%-9% of other generations, while Gen X buyers were the most likely to work fully remotely at 24% versus 9% to 14% for other generations. Millennials (84%) and Gen Z buyers (86%) are the most likely to determine the future location of their home based on the location of their job (28% to 67% for older generations), and similarly, first-time buyers (83%) are more likely than repeat buyers (57%) to determine location based on the location of their job.
Compared to other racial or ethnic group, Hispanic/Latino(a) buyers were most likely to determine the location of their future home based on the location of their jobs, at 82%, compared to 69% to 74% for other groups. White (16%) and African-American/Black buyers (12%) were the most likely to be retired or not workings (other groups ranged from 7% to 8%).
Nearly half (49%) of Realtors said their buyers have no preference between existing and new construction, however white buyers were significantly more likely than other racial groups to prefer existing homes at 46% compared to 27% to 35% for other groups.
The vast majority of Realtors (89%) said their buyer clients were buying a primary residence, while 6% reported they were buying an investment property and 5% said they were buying a vacation or rental home.
Of the Realtors surveyed, 1% of Realtors reported that their buyer experienced discrimination during buying process, while 13% were unsure. Among the 14 Realtors who reported that their buyer experienced discrimination, the most common form of discrimination came in the form of loan products offered by the lender (43%) or that the buyer did not receive a call back from the lender (29%). Realtors who reported that their clients experience discrimination, said the most common reason was race (57%), followed by age (29%), and familial status (21%).
Other common sources of discrimination reported were color, religion and national origin (all at 14% each), as well as sex, disability and sexual orientation (all at 7% each).
Despite experiencing discrimination only 7% of the agents said their clients reported the discrimination to a government agency or legal aid organization.
In the consumer study, roughly one in six prospective buyers reported experiencing discrimination during their home buying process, with more than half of Black, Asian, and Hispanic buyers reporting that this was due to their race or ethnicity. White buyers are equally likely to report discrimination but are more likely than others to say this was based on factors other than race or ethnicity. NAR reported that based on both studies is believes that most of this discrimination goes unreported.
Consumers who experience discrimination reported that this most often manifested in their being steered towards or away from specific neighborhoods and in stricter requirements. Among successful buyers 50% of Hispanic/Latino(a) buyers experienced steering, compared to 29% of white buyers and 12% of African American/Black buyers, while 17% of AAPI buyers, 24% of White buyers and 12% of African American/Black buyers reported stricter requirements.
Source: housingwire.com
Rate lock volume fell 1.5% in August, the third consecutive decline as mortgage rates climbed to the highest level in more than 20 years.
Overall lock volumes were down 9.5% over the last three months and were 55% below that of August 2022, according to Black Knight’s August originations market monitor report.
“Interestingly, we saw very slight upticks in both cash-out and rate/term refinance locks in August,” Andy Walden, VP of enterprise research for Black Knight, said in a statement. “From what the data is showing us, much of this still very scarce activity is occurring among first-lien holders with older mortgages, or with particularly low balances, for whom today’s rates become less of an issue.”
Rate/term refis decreased 13.5% over the three-month period and 18.6% from the same period last year.
Purchase locks — which were down 1.9% from July and nearly 20% year over year — continued to make up 88% of all lock activity.
August was another rough month for mortgage borrowers from an interest rate perspective.
The 30-year mortgage rate climbed to nearly 7.3% to hit their highest level in more than 20 years before ending the month at 7.07%.
Demand for adjustable-rate mortgage (ARM) loans slipped to 6.56% of total locks as jumbo rates finished the month at 7.46%.
“Current housing market dynamics continue to put a damper on mortgage demand. Rates did edge down toward the end of August, but prospective homebuyers still face the least affordable housing market in nearly 40 years,” Walden said.
The average loan amount fell $6,000 to $352,000 in August, while the average purchase price on locked loans was down to $450,000.
The average credit score among primary residence purchase locks dropped slightly for the first time since November 2022, but remains close to an all-time high
Credit quality of conforming and FHA borrowers remains strong, but scores appear to have plateaued.
The average score for a conforming loan edged lower by 1 point to 753, while FHA increased 2 points to 671 and VA remained steady at 712.
Source: housingwire.com
If you’ve found yourself wondering, ‘What exactly is a twin home, and could it be right for me?’ you’re in the right place. Among the various housing options available, one term that frequently piques interest is the ‘twin home.’ But what does it mean exactly? Is it a duplex, a townhome, or something entirely different?
In this Redfin article, we’ll explain everything you need to know about twin homes. We’ll cover the unique features of this home type, discuss the advantages and drawbacks, and help you determine if it’s the right housing choice for you. So whether you’re looking at homes for sale in Columbus or considering renting in Houston, keep reading to learn all about twin homes.
A twin home is also known as a semi-detached home. It’s a residential property with two separate living units, each having its own entrance and private space, housed within one building. The units are usually mirror images of each other in terms of layout and design. Unlike a traditional single-family home, where the dwelling stands alone, twin homes share a common wall along one side.
While twin homes and duplexes may seem similar at first glance due to their shared wall structure, they possess distinct differences that set them apart. A duplex generally refers to a building divided into two separate units, often stacked one on top of the other or side by side. These units can have different layouts, sizes, and designs, whereas twin homes typically mirror each other in layout and design, offering a sense of symmetry and balance. In a twin home, the design intention is to create a harmonious look, as if two identical homes were joined together.
“It’s critical to know if you’re buying a duplex or a twin home because of the difference in how the land is divided,” says Mark Shattuck of Dream Home Studio. “Duplexes are two attached homes with separate ownership, yet the land that both residences sit on is co-owned and co-maintained by both duplex owners. This makes duplexes multi-family properties. However, twin homes are classified as two attached single-family homes (and only two, as opposed to townhomes) because twin homes have separate land ownership, both split along a common property line and shared wall. Nothing looks visually different between duplexes and twin homes, but the land ownership, rights, and classification are very different.”
Affordability: Twin homes often offer a more affordable housing option compared to single-family homes, making them appealing to first-time homebuyers or those looking for cost-effective alternatives.
Community feel: Living in close proximity to another household can foster a sense of community and provide an added layer of security with neighbors looking out for one another.
Efficient use of land: Twin homes are an efficient use of urban and suburban land, which can lead to shorter driveways, smaller yards, and more sustainable development practices.
Maintenance: With a shared wall, there might be less exterior maintenance compared to standalone homes, and homeowners’ association fees may cover some maintenance tasks.
Potential for Rental Income: One unit of a twin home can be rented out, providing homeowners with an opportunity for passive income if they choose to live in the other unit.
Noise: Shared walls can sometimes lead to noise transfer between units, which might impact residents’ comfort and privacy.
Limited customization: While twin homes offer uniformity, this can limit the extent of customization options that homeowners might have compared to single-family homes.
Space constraints: Twin homes could have less outdoor space compared to single-family homes, limiting gardening and landscaping opportunities. Some twin homes may also have limited parking spaces or shared driveways, which can become a logistical challenge, especially if there are multiple vehicles involved.
Twin homes often occupy a gray area between single-family homes and multi-family dwellings. Twin homes have private entrances and separate living spaces, much like single-family homes. However, their distinguishing features are the shared wall and the two units housed within one building. Local regulations and zoning ordinances can vary, and the classification of twin homes might vary depending on how they are legally defined within a specific jurisdiction.
Twin homes offer a unique middle ground between single-family and multi-family homes, providing homeowners with the benefits of both privacy and community living. As the housing market continues to diversify, twin homes stand as a viable option for those seeking affordability, a sense of community, and a distinctive living arrangement.
Source: redfin.com