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
| Nov 6, 2013
USGBC Northern California chapter focuses on improving indoor environments in green buildings
The Northern California branch of the U.S. Green Building Council is leading the “Building Health Initiative” that seeks to improve the indoor environment of green buildings.
| Oct 31, 2013
OSHA enacts 47-day extension for comment period on silica-exposure rule
The Occupational Safety and Health Administration has extended the public comment period on its silica-dust exposure rule by 47 days.
| Oct 31, 2013
Updates to California’s building codes take effect Jan. 1
Green-building and accessibility are the major themes of the 2013 updates to California’s construction codes that are set to take effect Jan. 1.
| Oct 31, 2013
IECC code updates include better lighting controls and new HVAC technology
The proposed new code will increase the mandatory installation of occupancy sensors and daylighting controls to many new types of spaces.
| Oct 31, 2013
Effects of green, white roofs to be compared at Walmart in Oregon
Portland State University will construct a 40,000 sf green roof research site on the top of a new Walmart store in North Portland, Ore., and compare it to a 52,000 sf section of roof with a white membrane.
| Oct 31, 2013
GSA okays Green Globes; USGBC counters forestry industry concerns
Green Globes, a LEED rival, was recently declared to be nearly equal with LEED standards by the General Services Administration.
| Oct 25, 2013
California struggles with updated seismic codes
In California, there are still hundreds of concrete buildings that need reinforcement to bring them up to the new seismic code.
| Oct 24, 2013
Supplement No. 2 to AISC 358-10 Prequalified Moment Connection Standard available for public review
Supplement No. 2 to the American Institute of Steel Construction (AISC) standard Prequalified Connections for Special and Intermediate Steel Moment Frames for Seismic Applications (AISC 358-10) is now available for public review.
| Oct 24, 2013
Changes in LEED v4 will have large impact on materials manufacturers
Changes to LEED in LEED v4 are so dramatic that they will send ripples into other industries and shift expectations on sustainability reporting and performance far beyond the building industry.
| Oct 24, 2013
D.C. office buildings going green at twice the national average
In 2011, about 33% of new office buildings in the U.S. were built to green standards, but in the nation’s capital that rate has skyrocketed.