According to new research by CBRE, the rising cost of homeownership is prompting more Americans to opt for renting. On average, monthly mortgage payments for new homes are currently 35% higher than apartment rents, creating a significant affordability gap.
Recent research from CoreLogic in Q3 of 2024 underscores the prominent role of smaller investors, commonly referred to as mom-and-pop landlords, who typically own three to ten properties.
Based on new data from Redfin, nearly half (48%) of all U.S. listings have lingered on the market for at least 60 days, the highest share for any August since 2019.
According to national property broker Redfin, the typical monthly housing payment for a U.S. homebuyer was $2,671 during the four weeks ending July 21, 2024, marking the lowest level in four months.