- Best Cities for First-Time Homebuyers – 2020 Edition
Since March, mortgage rates have fallen steadily. According to Freddie Mac data, the 30-year fixed-rate average was at 2.90% and the 15-year fixed-rate average stood at 2.40% for the week ending September 24, 2020. These rates are 0.74 and 0.76 percentage points lower, respectively, than a year earlier. Over the same period, Americans have saved more:… read more…
- Where It Pays Off to Negotiate on Home Price – 2020 Edition
Buying a house can be stressful. For many people, it turns out to be the most significant and expensive financial transaction of their lives. Scoring a deal, though, can help allay some anxiety. But even though you’re able to haggle over home price, it pays to know where your negotiation skills may prove most effective.… read more…
- Best Places to Raise Kids – 2020 Edition
Raising kids is a difficult task – one that has been made harder for many in recent months as a result of the COVID-19 crisis and the accompanying economic trouble. Finding the best place to grow a family is a process that involves many factors that often change depending on where you look. That’s why… read more…
- How Long Does It Take to Become a Homeowner? – 2020 Edition
Whether due to societal changes or lack of savings, many Americans have delayed homeownership. According to a National Association of Realtors report, the median age of first-time homebuyers in 2019 was 33 years old, three years older than it was a decade prior. Moreover, a recent Zillow analysis shows that the typical first-time homebuyer now… read more…
- Best States for Homeowners – 2020 Edition
With mortgage rates falling and a renewed emphasis put on living space during COVID-19, U.S. home sales have boomed. Data from the National Association of Realtors shows that sales of previously owned homes increased by 20.7% over the month of June and rose an additional 24.7% during July. Meanwhile, based on the Census’ Survey of… read more…
- Best State Capitals to Live In – 2020 Edition
In light of the COVID-19 crisis, many individuals are reconsidering where they live. According to a July 2020 Pew Research Center study, about a fifth of U.S. adults moved due to coronavirus or know someone who did. For people who are looking for a change of pace without having to sacrifice the full experience of city living, certain… read more…
- Most Dog-Friendly Cities in America – 2020 Edition
According to the American Pet Products Association, Americans spent $95.7 billion on their pets in 2019, with almost $37 billion going toward pet food and treats alone. Given that dogs are among the most popular pets in the U.S., it’s probably no surprise for current or prospective pup parents that creating space in one’s home… read more…
- Where Rich Generation Xers Are Moving – 2020 Edition
A decision to move can arise from various factors, such as landing a new job, wanting to start or grow a family and desiring a favorable housing market. And as a result of their particular needs, different age or income groups might also be attracted to specific locales. With that in mind, SmartAsset crunched the… read more…
- Best Places to Be a Teacher – 2020 Edition
From lesson plans and student development to grading and proctoring, teaching is one of the most demanding jobs out there. And it can also be demanding financially – some teachers struggle to afford local housing costs comfortably, and some school districts receive support from municipal bodies. There are some places, though, where it is less… read more…
- Best Cities for Young Professionals – 2020 Edition
Where Americans in the early stages of their careers choose to live can have an outsize influence on their professional development and trajectory. After all, not all places offer the same opportunities and quality of life. That’s why SmartAsset analyzed data from various sources to find the cities across America that are the best for… read more…
- Top 10 Rising Housing Markets – 2020 Edition
In recent years, housing demand has increased by more than 10% in some cities while declining by almost 5% in others. And amid that disparity, it’s important to be strategic about where it would be best to take out a mortgage or put a house up for sale, since not all markets are performing equally well. With… read more…
- Where Rich Millennials Are Moving – 2020 Edition
Millennials are much more likely to move than their generational counterparts. IRS data shows than less than 30% of taxpayers are younger than age of 35, but from 2017 to 2018, more than half of tax returns marking a change of address across state lines belonged to filers under 35. In other words, less than… read more…
- Cheapest States to Buy a Home – 2020 Edition
Owning a home is a major goal for many people across the U.S. Securing a mortgage and buying that home, though, can be difficult to achieve. According to a June 2020 Home Values report from Zillow, the median home value in the U.S. is $248,857, an uptick of 4% over the past year. Though values… read more…
- Best Cities to Buy an Affordable Family Home – 2020 Edition
Finding a home to fit a family can be a difficult task. Beyond looking for the right number of bedrooms and bathrooms, prospective owners must consider the full costs of homeownership. Though a mortgage is typically the largest expense for homeowners, other costs like property taxes and home insurance can add up. Additionally, families looking… read more…
- Where Millennials Are Moving – 2020 Edition
Young adults today move more than previous generations. A recent Zillow study found that in 2017, close to one in two millennials – more than 45% – had lived in their current home for fewer than two years. By contrast, in 1960, approximately 34% of young adults had lived in their current residences for less… read more…
- Best Housing Markets for Growth and Stability – 2020 Edition
Editor’s Note: This study was originally published in June 2020. Homeownership often represents a foundation to build on as well as long-term stability. This applies not only to the lifestyle a homeowner envisions when making a purchase, but also to… read more…
- Cities Where People Are Spending the Most on Housing – 2020 Edition
With the cost of living generally high in major U.S. cities, the ability to keep larger expenses like housing costs to a minimum can sometimes make all the difference. In some cities, though, residents must spend a much larger chunk of change on rent or mortgage payments. Housing costs have also become increasingly burdensome due… read more…
- Wells Fargo No Longer Accepting HELOC Applications
May 4, 2020 – Wells Fargo announced last Thursday that it will no longer be accepting applications for home equity lines of credit (HELOCs) after April 30. The company joins another big bank, JPMorgan Chase, in taking this route “after carefully considering current market conditions and economic uncertainty due to COVID-19,” according to its website.… read more…
- States Where Multigenerational Households Are Becoming More Common – 2020 Edition
Almost one in every 25 households in America consists of three or more generations living under the same roof. Specifically, in 2018, of the roughly 122 million households in the U.S., about 4.61 million of them were multigenerational. Though this number has remained flat nationally over the past several years, states have seen wide variations… read more…
- Price-to-Rent Ratio in the 50 Largest U.S. Cities – 2020 Edition
A central question for most Americans when choosing where to live is whether to rent or buy. Each comes with its pros and cons. Renting a place can offer more flexibility without the burden of mortgage payments, but means you are spending money each month without building any equity. Buying means you can build equity… read more…
- Hardest Places to Buy a Home in America – 2020 Edition
While affording a down payment may be the largest challenge to buying a home, many other factors play into finding the right place to take out a mortgage and put down roots. Inventory and pricing vary widely by city and affect buyers’ options and ability to negotiate. The coronavirus pandemic has certainly complicated many people’s… read more…
- Coronavirus Relief for Mortgage Payments
In response to the financial meltdown sparked by the coronavirus pandemic, Congress passed a historic $2 trillion stimulus package and President Trump signed it into law on March 27, 2020. The Coronavirus Aid, Relief, and Economic Security (CARES) Act included several provisions protecting homeowners and renters. That meant that if you lost your job due to… read more…
- Years of Work Needed to Afford a Down Payment – 2020 Edition
Owning a home is a dream for many Americans, but it can be difficult to attain. Monthly costs, which can include mortgage payments, taxes and insurance, total an average of $1,082 nationwide, according to the Census Bureau. And that’s after paying for the upfront costs of a home, including a down payment. Most people who… read more…
- Best Cities to Sell a House – 2020 Edition
Selling a house can prove a challenging process if your property stays on the market longer than you’d like or sells at a loss. Having access to high-quality real estate professionals in your area can help improve your experience, but there are some cities where selling a house is just a bit easier than others.… read more…
- Hottest Secondary Home Markets in the U.S. – 2020 Edition
Taking out a mortgage is a big decision, especially if it’s for a secondary property. You’ll have to take into account factors like property taxes, timely mortgage payments and other housing costs. However, if you’re ready for another investment, you might find yourself wondering where to look next. That’s why SmartAsset uncovered the most popular markets… read more…