Compared to a decade ago, renters are putting much more of their monthly income towards rent—29.1%, in fact. Homeowners, on the other hand, have it good. Mortgage payments in the third quarter of 2017 took up only 15% of their income, compared to 21% 10 years or so ago. With rates like today’s, owning is looking a lot more appealing in many markets.
Robots have officially entered the real estate industry as the hosts of guided tours for rental units. Property owners are loving it as prospective tenants are able to view the property much faster, allowing owners to rent out their property faster.
Porchfests are now a thing. Think front porch with a musical flair and you’ve got it: a stage. Compared to 20 years ago, 23% more new homes are being constructed now with a front porch. Last year, 65% of new homes were built with a porch. Millennials, more than any other age group, are demanding this luxury.
Mortgage Applications for last week were down 3.1% overall but the Purchase Index was up 2%.
Initial Jobless Claims for last week reported at 238K and suggests the Jobs Report remains pretty solid.