AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Our post called, “How to create a monthly budget in less than 20 minutes” will guide you through the process and provide you with a FREE budgeting spreadsheet to make things easier. If not, stop what you’re doing and create a budget right now. Create a monthly budgetīy this point, you should already have your monthly budget in place. These budget percentages are just suggestions though, you’ll have to determine what works for you and what doesn’t. You don’t have to do that though because we want to give you some quick tips to get you started. We had the same problem when we started but we figured it out through trial and error. Unfortunately, when you’re new to budgeting, you may not know how to determine budget percentages that will make sense for your financial situation. Even when homebuyers spot a home that checks all the boxes for them, there is no guarantee that other bidders will not outbid them.Creating a budget should be one of the first steps you take when you’re working towards financial freedom. In the second quarter of 2023, one-third of millennials who wanted to buy a house had been on the lookout for longer than three months because they could not find a home within their price range. Surprisingly, Gen Z and millennial homebuyers reported a more positive affordability outlook than Gen X and baby boomers. Overall, the overwhelming majority of Americans could only afford less than 50 percent of the homes for sale in their market. On the other end of the spectrum were metros such as Los Angeles and San Diego, CA, where less than five percent of renters earned enough to become homeowners. In El Paso, TX, Syracuse, NY, Rochester, NY, and Wichita, KS, about one-third of renters could afford the median-priced home in their metro. Only about 15 percent of American renters could afford to buy the median-priced home in 2022, but in some regions of the country, homeownership was more unattainable than in others. did not earn enough to qualify for a mortgage. In 2022, the average household in the U.S. House prices have risen even faster than rents, making homeownership unattainable for the average American. Getting on the property ladder is not an easy task either Professionals, including food and beverage serving workers, motor vehicle operators, administrative support workers, and retail sales workers, were some of the occupations with hourly income below the necessary for renting an apartment. The median wage across many occupations vital to the economy fell short of the necessary income for rental housing. If people cannot find housing where job opportunities are, businesses struggle to find workers. Housing affordability is often a barrier to the economic development of cities. Additionally, a substantial disparity in affordability could be seen among different races: Black and Latino renters earn lower wages on average, meaning that a lower percentage of people within these groups had sufficient income for a two-bedroom apartment. A two-bedroom apartment was out of reach for 60 percent of the population. In 2023, renters with an average hourly wage earned just slightly above the amount needed for a one-bedroom apartment. Rents have r isen dramatically in recent years. Rent is a heavy burden on the household budget of many Americans
0 Comments
Read More
Leave a Reply. |