Cost hikes last year priced out nearly one million renters from the ranks of homeowners, according to a recent REALTORS study.
The income a household needs to pay a mortgage for a median-priced home rose in 2021 to $62,872, up from $55,186 in 2020. That figure stems from the calculation of income a household needs to pay the mortgage affordably so that monthly mortgage payments with interest do not exceed 25% of income.
The home price hike makes it more difficult for many renters to qualify for home loans. The median existing-home sales price averaged $345,442 in 2021, a 16.4% increase from the median sales price of $296,700 in 2020.
Based on the above figures, the National Association of Realtors estimated that the number of renter households who can pay the mortgage affordably in the U.S. declined from 8.75 million to 7.71 million.
Related Stories
Codes and Standards | Jun 28, 2017
Minimum Design Loads and Associated Criteria for Buildings and Other Structures, Standards ASCE/SEI 7-16, has been updated
The document is used for determining design loads including dead, live, soil, flood, tsunami, snow, rain, atmospheric ice, earthquake, wind, and fire.
Codes and Standards | Jun 27, 2017
Cold-formed steel framing engineering guide for building projects released
Better sound attenuation for subfloors and exterior continuous insulation are among the matters addressed.
Codes and Standards | Jun 26, 2017
L.A.’s new ordinance requires energy and water efficiency benchmarking
Structures 20,000 sf and larger must demonstrate steps to boost efficiency.
Codes and Standards | Jun 21, 2017
World Green Building Council: All buildings must be net zero by 2050 to avert 2°C rise
Building efficiency essential to tempering global climate change.
Codes and Standards | Jun 21, 2017
Senate bill would prohibit tax money for sports stadium projects
Bipartisan legislation would prevent use of municipal bonds by pro teams.
Codes and Standards | Jun 19, 2017
Developer, architect hit with $10 million construction defect verdict
Case pertained to construction of condo development that was not fire code-compliant.
Codes and Standards | Jun 19, 2017
Green building advocates erect icehouses on Penn. state capitol steps to make point on codes
State’s codes have not been updated since 2009.
Codes and Standards | Jun 15, 2017
Cornell Tech unveils plans to reach Net Zero at The Bloomberg Center
Campus plans include photovoltaic arrays and geothermal ground source heat pumps.
Codes and Standards | Jun 13, 2017
Canada Green Building Council and Green Business Certification Inc. announce partnership
New joint venture will deliver enhanced services and support tools and programs throughout Canada.
Codes and Standards | Jun 8, 2017
Nail-Laminated Timber Design and Construction Guide released
New document focuses on design and construction considerations for horizontal NLT applications.
