Here's how much you need to earn to afford a home in 97 U.S. cities
"Even places that historically have been affordable now need six figures," according to Redfin's chief economist.
Watch CBS News
"Even places that historically have been affordable now need six figures," according to Redfin's chief economist.
"Home has not been cleared of contamination and will be transferred to the new buyer in its current state," the listing says.
Interest rates for a home loan are continuing to soar, driving many aspiring property owners out of the market.
In 45 of the 50 largest cities, buyers pay far more for the privilege to own a home than they do to rent.
Buyers are getting squeezed by higher real estate prices and soaring mortgage rates, which could force more out of the market.
Surge in borrowing costs is pushing some buyers out of the market, while sellers face a quandary.
In the Bay Area's hot housing market, there are new signs of breathing space for prospective buyers. Len Ramirez reports. (8/29/22)
The home prices in Santa Clara County are dropping fast. In the two-month span from the beginning of June to the end of July, the median home price in the county dropped 5.1%, the biggest drop in any major U.S. market. Kiet Do reports.
But sales of previously occupied homes have slowed sharply amid higher mortgage rates and rising prices.
With mortgage interest rates rising and home sale prices at record highs, some experts say renting may be a better option for some people, in certain scenarios, if they want to save money.
