Tag: housing costs

Economists: Housing Costs to Remain Elevated for Foreseeable Future

Connecticut Star Staff
Home Sales

Americans looking to buy a home may have to wait as housing costs are expected to remain elevated until 2026 or later, according to a note from Bank of America (BofA) economists published Monday.

Homebuyers are facing elevated interest rates due to sky-high inflation under President Joe Biden and a housing shortage exacerbated by the COVID-19 pandemic that has led Americans to be hesitant to move, according to BofA. As a result, economists at the bank expect home prices to rise a total of 4.5% throughout the course of 2024 and another 5.0% throughout 2025, before easing slightly in 2026.

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More than a Quarter of Homeowners in U.S. Are ‘House Poor’

The Center Square

Nationwide 27.4 percent of homeowners are considered “house poor,” meaning they spend more than 30 percent of their income on housing costs.

However, in some U.S. cities, far more Americans are living beyond their means, according to research from the U.S. Chamber of Commerce. In Hialeah, Florida, 59.3 percent of homeowners are spending more than 30 percent of their income on housing costs. While Hialeah has the highest percentage of homeowners spending more than 30 percent of their income on housing costs, it was not alone.

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