38% of Renters Can Afford to Buy a Home ☘ Hoey Team ☘ exp Realty 🌴 Southwest Florida 🌴

Dated: December 5 2020

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The number of renters who can afford a home has increased over the past two years, but achieving homeownership is still difficult for renters in saving up for a down payment, according to a recent post at the National Association of REALTORS®’ Economists’ Outlook blog.

Thirty-eight percent of renters can afford to buy a home, but they may need 13 years of savings to make a 10% down payment, according to NAR’s analysis.

“As mortgage rates have fallen and incomes have increased, the fraction of renters who can afford to purchase a home has increased from 33% in 2018 to 38% as of 2020 Q3,” Scholastica “Gay” Cororaton, a research economist for NAR, writes at the blog.

Some of the metro areas seeing the highest percentage of renter households now able to afford to buy a home in the third quarter include Topeka, Kan. (64.5% of renter households can afford to buy a home); Waterloo-Cedar Falls, Iowa (63.3%); Elmira, N.Y. (62.4%); Fond du Lac, Wis. (60.9%); Decatur, Ill. (60.7%); Peoria, Ill. (60.7%); and Wichita Falls, Texas (59.5%).

Realtor Magazine 2020 12 05 - 39 Percent of Renter Households can afford to buy a home since the begining of the plandemic after going through the COVID-19 Coronavirus pandemic Hoey Team exp Realty

While the home purchase has become more affordable, monthly mortgage payments and down payments have not. As of the third quarter, a renter with a family income of $49,242 or below would not be able to afford a typical single-family home valued at $313,500, according to NAR’s analysis. The mortgage payment would account for 29% of income, which is above the 25% threshold that most financial experts consider affordable.

Also, a renter will need about $30,000 for a 10% down payment, requiring an estimated 13 years of saving.

Still, the FHA and other lending programs offer 3% loans to first-time buyers. Several loan programs offer down payment assistance that real estate pros can share with their customers who are looking to buy but are unable to save for the down payment

Here in Southwest Florida 🌴 especially as people continue to move / relocate to the area from other parts of the US, inventory remains low overall, but we do continue to list and sell homes; both Single family, and Condo type.  We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do.  Low interest rates are probably helping with this additionally.  Low inventory is the greatest chalenge for buyers.

At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.

Article content from our NAR (National Association of REALTORS) Newsletter Magazine, and from other sources including Hoey Team ☘ exp Realty and from Freddie Mac

For those Living in or Visiting Southwest Florida wanting additional resources, or a list of places to see / visit:   www.VisitCollier.Com      Feel free to share this resource page with others  🌴

NOTE for Buyers and Sellers: On our Hoey Team â˜˜ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed HD 3D Immersive VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS right HERE: ? www.SWFLVRE.com  ? 

For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.

P.S. --> If You'd like for us to create a Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details https://HoeyTeam.239RealEstateDeals.Com

CLICK HERE to Visit our High Definition Virtual 3D Open House Tours Page 24/7

Click Here for our most recent Market update Report for Southwest Florida and beyond.

We do not discriminate on price, we help homeowners and renters in all price ranges; Click Here for more information on the Hoey Team ☘ and what we do to help or visit HoeyTeam.Net anytime.

Here is our informational Southwest Florida Website ☘

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Please visit our Hoey Team ☘ Luxury Home Market Page by Clicking Here

Best Places to Retire? 13 of the ‘Top 25’ Are in Fla â˜˜ Hoey Team â˜˜ exp Realty ðŸŒ´ Southwest Florida ðŸŒ´

Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  â˜˜

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team â˜˜ brokered by eXp Realty

Email us at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call/Text the Hoey Team ☘ at:  (239)-360-5527 

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Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats.  Thanks, Barry & Kim â˜˜

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