Latest news with #Zillow
Yahoo
16 hours ago
- Business
- Yahoo
Here's where normal people can still buy homes, according to real estate data
(NEXSTAR) – If you've given up on home ownership, you're not alone. The dream has grown unaffordable and unrealistic for Americans in many major cities. 'The rapid rise in home values coupled with the doubling of mortgage rates caused the cost of owning a home to soar. Unfortunately, incomes just haven't kept up. That lowered affordability everywhere,' said Zillow senior economist Orphe Divounguy. But if you look closely, some pockets of America are still considered 'affordable' to the average family. In a data analysis shared with Nexstar, Zillow identified which cities are affordable by determining where the median-income family is able to spend less than one-third of their income on housing costs. Looking for a home under $300K? Try these 10 major US metros If you're able to scrape together a 20% down payment, several dozen metro areas remain affordable for a median family looking to buy. However, most people don't have that much cash sitting around in the bank. When you set the target to a more reasonable 10% down payment, only 11 metro areas are still considered 'affordable': Pittsburgh, Pennsylvania Toledo, Ohio Columbia, South Carolina Syracuse, New York Jackson, Mississippi Wichita, Kansas Akron, Ohio Augusta, Georgia Little Rock, Arkansas St. Louis, Missouri Birmingham, Alabama Most places that still rank as affordable are found in the Midwest and the South, where zoning codes tend to be more lenient and builders have been able to respond to rising demand more quickly. 'At the start of the pandemic, when residential mobility increased, home values in the Midwest, Great Lakes region and more inland South shot up just as fast as the rest of the country, and even faster in some metros. But home values in these regions — for the most part — were relatively less expensive to begin with,' Divounguy said. 'So even with all that growth, many of them are still relatively more affordable, especially if you have access to a large down payment.' If you're looking for the lowest prices overall, Redfin recently released a list of 10 major metro areas where homes are still under $300,000. Those willing to relocate to Detroit will find some of the best deals. The median sale price there is $180,000. Amazon reportedly issuing refunds for returns made years ago As mentioned before, if prospective homebuyers are able to put a larger payment down up-front, their real estate prospects expand. Cincinnati, Indianapolis and Oklahoma City all become affordable to a median-income family with a 20% down payment. (See the full list at the bottom of this story.) For now, a few Upstate New York cities remain on the list, but that could soon change, according to Divounguy. Buffalo has been one of the hottest housing markets in the country the past couple years and supply isn't keeping up with demand. 'Strong job growth in the area has far outstripped new permits, and inventory of homes is nearly half what it was before the pandemic. Buffalo was previously one of the most accessible large cities in the nation. Now a mortgage for a typical home there is unaffordable for a family making the median household income, even with a 20% down payment.' Metro area Total monthly home payment (with 20% down) Pittsburgh, PA $1,601 Toledo, OH $1,434 Columbia, SC $1,539 Syracuse, NY $1,705 Jackson, MS $1,367 Wichita, KS $1,579 Akron, OH $1,671 Augusta, GA $1,607 Little Rock, AR $1,584 St. Louis, MO $1,894 Birmingham, AL $1,706 Cincinnati, OH $1,937 Indianapolis, IN $1,963 Oklahoma City, OK $1,765 Detroit, MI $1,839 Baton Rouge, LA $1,662 Rochester, NY $1,902 Cleveland, OH $1,753 McAllen, TX $1,414 Louisville, KY $1,786 Chicago, IL $2,268 Des Moines, IA $2,138 Omaha, NE $2,147 Columbus, OH $2,075 Greensboro, NC $1,696 Tulsa, OK $1,751 Memphis, TN $1,726 Winston, NC $1,746 Houston, TX $2,216 Scranton, PA $1,604 Greenville, SC $1,961 Baltimore, MD $2,674 El Paso, TX $1,692 Kansas City, MO $2,254 Harrisburg, PA $2,158 Minneapolis, MN $2,711 New Orleans, LA $1,753 Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
17 hours ago
- Business
- The Hill
Here's where normal people can still buy homes, according to real estate data
(NEXSTAR) – If you've given up on home ownership, you're not alone. The dream has grown unaffordable and unrealistic for Americans in many major cities. 'The rapid rise in home values coupled with the doubling of mortgage rates caused the cost of owning a home to soar. Unfortunately, incomes just haven't kept up. That lowered affordability everywhere,' said Zillow senior economist Orphe Divounguy. But if you look closely, some pockets of America are still considered 'affordable' to the average family. In a data analysis shared with Nexstar, Zillow identified which cities are affordable by determining where the median-income family is able to spend less than one-third of their income on housing costs. If you're able to scrape together a 20% down payment, several dozen metro areas remain affordable for a median family looking to buy. However, most people don't have that much cash sitting around in the bank. When you set the target to a more reasonable 10% down payment, only 11 metro areas are still considered 'affordable': Most places that still rank as affordable are found in the Midwest and the South, where zoning codes tend to be more lenient and builders have been able to respond to rising demand more quickly. 'At the start of the pandemic, when residential mobility increased, home values in the Midwest, Great Lakes region and more inland South shot up just as fast as the rest of the country, and even faster in some metros. But home values in these regions — for the most part — were relatively less expensive to begin with,' Divounguy said. 'So even with all that growth, many of them are still relatively more affordable, especially if you have access to a large down payment.' If you're looking for the lowest prices overall, Redfin recently released a list of 10 major metro areas where homes are still under $300,000. Those willing to relocate to Detroit will find some of the best deals. The median sale price there is $180,000. As mentioned before, if prospective homebuyers are able to put a larger payment down up-front, their real estate prospects expand. Cincinnati, Indianapolis and Oklahoma City all become affordable to a median-income family with a 20% down payment. (See the full list at the bottom of this story.) For now, a few Upstate New York cities remain on the list, but that could soon change, according to Divounguy. Buffalo has been one of the hottest housing markets in the country the past couple years and supply isn't keeping up with demand. 'Strong job growth in the area has far outstripped new permits, and inventory of homes is nearly half what it was before the pandemic. Buffalo was previously one of the most accessible large cities in the nation. Now a mortgage for a typical home there is unaffordable for a family making the median household income, even with a 20% down payment.'
Yahoo
21 hours ago
- Business
- Yahoo
Taylor Swift finally owns it all: Every album, every song, every era
Swifties have plenty to celebrate on Friday as Taylor Swift announced that she now owns the master recordings of her first six albums after years of trying and failing to buy them. Sellers or buyers housing market? Zillow's analysis for 250 metros Walgreens buyout could change the future of pharmacy care How to watch the UEFA Champions League Final 2025 live online or on a TV, including free options Swift posted the news to her website, explaining that she was able to purchase the original versions of the albums from Shamrock Capital, the private equity firm that bought the recordings from music manager Scooter Braun in 2020 for at least $300 million. In an emotional letter, Swift called securing her masters a dream come true, describing herself as 'endlessly thankful' to Shamrock Capital for handling the deal fairly and offering her the first chance she's ever been given to buy back her own music. 'This was a business deal to them, but I really felt like they saw it for what it was to me: My memories and my sweat and my handwriting and my decades of dreams,' Swift wrote. After two decades 'of having the carrot dangled and then yanked away,' Swift admitted that she almost stopped believing that she would ever own the original recordings. 'But that's all in the past now,' Swift wrote. 'I've been bursting into tears of joy at random intervals ever since I found out that this is really happening. I really get to say these words: All of the music I've ever made . . . now belongs . . . to me.' In 2019, Braun acquired Nashville indie record label Big Machine, along with the rights to the albums Swift had recorded there. After Braun's purchase, Swift stated that she was in no way consulted on the deal and had suffered from 'incessant, manipulative bullying' by the industry executive. 'It's a shame to know that I will now be unable to help grow the future of these past works and it pains me very deeply to be separated from the music I spent over a decade creating,' Swift said after the deal went public. In light of her struggle to regain control of her own music, Swift set out to rerecord the albums she didn't own. She began issuing Taylor's Version updates to her missing catalog albums in 2021, putting out rerecordings of Fearless, Red, Speak Now, and 1989 accompanied by previously unreleased songs. Fans eager for news that Swift had finished rerecording her sixth studio album, Reputation, have plenty to cheer but are still in for a wait. In her announcement, Swift divulged that, 'full transparency,' she's less than a quarter of the way through the process. 'To be perfectly honest, it's the one album in the first 6 that I thought couldn't be improved upon by redoing it. Not the music, or photos, or videos. So I kept putting it off,' Swift wrote, adding that she's happy with a now-finished rerecording of her self-titled debut album. 'Those 2 albums can still have their moments to re-emerge when the time is right . . . But if it happens, it won't be from a place of sadness and longing for what I wish I could have,' Swift wrote. 'It will just be a celebration now.' This post originally appeared at to get the Fast Company newsletter:
Yahoo
a day ago
- Business
- Yahoo
HELOC rates today, June 1, 2025: Interest rates on home equity lines of credit move lower again
HELOC interest rates fell again today as the versatile financial tool used to tap your home's value became ever so slightly more affordable. Known as a second mortgage, home equity line of credit accounts, and the lump sum version — the home equity loan — allow homeowners to keep their existing primary home loan while creating a new mortgage, especially designed for home equity access. Now, the details on HELOC rates today. Dig deeper: HELOC vs. home equity loan: Tapping your equity without refinancing According to Zillow, rates on a 10-year HELOC are down seven basis points to 6.77% today. The same rate is also available on 15- and 20-year HELOCS. VA-backed HELOCs moved lower by two basis points to 6.34%. Homeowners have a staggering amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That's the third-largest amount of home equity on record. With mortgage rates lingering in the high 6% range, homeowners are not going to let go of their primary mortgage anytime soon, so selling a house may not be an option. Why let go of your 5%, 4% — or even 3% mortgage? Accessing some of that value with a use-it-as-you-need-it HELOC can be an excellent alternative. HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a rate of 8.50%. However, you will find reported HELOC rates are much lower than that. That's because lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. And average national HELOC rates can include "introductory" rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate. You don't have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit. The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat. Meanwhile, you're paying down your low-interest-rate primary mortgage like the wealth-building machine you are. Today, FourLeaf Credit Union is offering a HELOC rate of 6.49% for 12 months on lines up to $500,000. That's an introductory rate that will convert to a variable rate later. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity. The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don't pay interest on what you don't borrow. Rates vary so much from one lender to the next that it's hard to pin down a magic number. You may see rates from nearly 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are. For homeowners with low primary mortgage rates and a chunk of equity in their house, it's probably one of the best times to get a HELOC. You don't give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt. If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate beginning at 8.75%. That's for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.
Yahoo
a day ago
- Business
- Yahoo
Mortgage and refinance interest rates today, June 1, 2025: The 30-year drops while the 15-year edges higher
Mortgage rates are lower on the long end and slightly higher on the short. According to Zillow, the average 30-year fixed interest rate is down seven basis points to 6.77%, while the 15-year fixed rate gained three basis points to 6.02%. The Mortgage Bankers Association forecasts 30-year rates to stay near 6.7% through September and end the year near 6.6%. If that's the case, then home loan interest rates won't be moving much in the coming months. Only an unexpected shock to the nation's economy could change that outlook. If you're looking to buy in 2025, you'll want to work to earn the lowest mortgage rate you deserve. Dig deeper: 6 steps to choosing the right mortgage lender Have questions about buying, owning, or selling a house? Submit your question to Yahoo's panel of Realtors using this Google form. Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.77% 20-year fixed: 6.51% 15-year fixed: 6.02% 5/1 ARM: 6.74% 7/1 ARM: 6.73% 30-year VA: 6.34% 15-year VA: 6.34% 5/1 VA: 6.34% Remember, these are the national averages and rounded to the nearest hundredth. These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.89% 20-year fixed: 6.85% 15-year fixed: 6.15% 5/1 ARM: 7.25% 7/1 ARM: 7.40% 30-year VA: 6.41% 15-year VA: 6.41% 5/1 VA: 5.98% Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case. Read more: Is now a good time to refinance your mortgage? Use the mortgage calculator below to see how various mortgage terms and interest rates will impact your monthly payments. Our free mortgage calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of your total monthly payment than if you just looked at mortgage principal and interest. The average 30-year mortgage rate today is 6.77%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is lower than with a shorter-term loan. The average 15-year mortgage rate is 6.02% today. When deciding between a 15-year and a 30-year mortgage, consider your short-term versus long-term goals. A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you'll pay off your loan 15 years sooner, and that's 15 fewer years for interest to accumulate. But the trade-off is that your monthly payment will be higher as you pay off the same amount in half the time. Let's say you get a $300,000 mortgage. With a 30-year term and a 6.77% rate, your monthly payment toward the principal and interest would be about $1,950, and you'd pay $401,922 in interest over the life of your loan — on top of that original $300,000. If you get that same $300,000 mortgage with a 15-year term and a 6.02% rate, your monthly payment would jump to $2,535. But you'd only pay $156,266 in interest over the years. With a fixed-rate mortgage, your rate is locked in for the entire life of your loan. You will get a new rate if you refinance your mortgage, though. An adjustable-rate mortgage keeps your rate the same for a predetermined period of time. Then, the rate will go up or down depending on several factors, such as the economy and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then change every year for the remaining 23 years of your term. Adjustable rates typically start lower than fixed rates, but once the initial rate-lock period ends, it's possible your rate will go up. Lately, though, some fixed rates have been starting lower than adjustable rates. Talk to your lender about its rates before choosing one or the other. Dig deeper: Fixed-rate vs. adjustable-rate mortgages Mortgage lenders typically give the lowest mortgage rates to people with higher down payments, great or excellent credit scores, and low debt-to-income ratios. So, if you want a lower rate, try saving more, improving your credit score, or paying down some debt before you start shopping for homes. Waiting for rates to drop probably isn't the best method to get the lowest mortgage rate right now. If you're ready to buy, focusing on your personal finances is probably the best way to lower your rate. To find the best mortgage lender for your situation, apply for mortgage preapproval with three or four companies. Just be sure to apply to all of them within a short time frame — doing so will give you the most accurate comparisons and have less of an impact on your credit score. When choosing a lender, don't just compare interest rates. Look at the mortgage annual percentage rate (APR) — this factors in the interest rate, any discount points, and fees. The APR, which is also expressed as a percentage, reflects the true annual cost of borrowing money. This is probably the most important number to look at when comparing mortgage lenders. Learn more: Best mortgage lenders for first-time home buyers According to Zillow, the national average 30-year mortgage rate is 6.77%, and the average 15-year mortgage rate is 6.02%. But these are national averages, so the average in your area could be different. Averages are typically higher in expensive parts of the U.S. and lower in less expensive areas. The average 30-year fixed mortgage rate is 6.77% right now, according to Zillow. However, you might get an even better rate with an excellent credit score, sizable down payment, and low debt-to-income ratio (DTI). Mortgage rates aren't expected to drop drastically in the near future, though they may inch down now and then.
