Core Insights - Homeownership is generally more affordable than renting in 57% of U.S. counties, but high upfront costs deter many potential buyers from purchasing homes [1][10] - The housing market continues to see record-high prices, making initial investments increasingly challenging for buyers [2] - Hidden costs associated with homeownership can add nearly $16,000 annually to the average homeowner's expenses [3] Affordability Dynamics - Homeownership is more affordable in the Midwest and South, while renting is more favorable in the Northeast and West, where only 17% of counties show homeownership as the cheaper option [5] - Affordability varies significantly within counties, influenced by local housing stock diversity [6][7] - Local development and density regulations can make homeownership cheaper in areas with fewer rental properties [8] Market Trends - The balance between renting and owning is shifting, particularly in regions like southwest Florida, where increased affordable rental units are being developed [9][11] - Housing prices are rising faster than rents in over two-thirds of U.S. counties, with more than a third of median income required to afford a home in many areas [12] - Wages have been growing faster than shelter costs in most regions, with worker pay increasing more than the cost of owning in nearly 60% of surveyed counties [13]

YuriArcursPeopleimages / Envato Homeowners’ association fees and property taxes can add up, and homebuyers should consider just how much they can impact the overall cost of a home. As of 2024, about 3 million households in the U.S. paid more than $500 a month in HOA or condo fees. (1) In some cases, increases in HOA fees and property taxes could even make a home that was once within your budget suddenly unaffordable. Imagine the case of Mark, a father of two who has recently gone through a divorce. He ...

Fact checked by Betsy Petrick Grace Cary / Getty Images Rising costs have made it challenging for households to keep their monthly housing expenses to 28% or less of their gross income. Key Takeaways Median monthly housing costs for homeowners with a mortgage rose to $2,035 in 2024, and median gross rent reached $1,487, outpacing the rate of inflation. These costs are 43% (homeowners) and 31% (renters) of the median household income, both higher than the 28% that financial experts recommend for housing ...

More BTC, more eligibility, and more states on the way.The future of homeownership is orange 🫡Horizon (@JoinHorizon_):Horizon Product Update 🏡→🟠✅ Expanded Terms✅ More Homeowners Now Eligible✅ State Expansion Plans https://t.co/zrC0eZXpjq ...