Affordability of Housing Across US States

Exploring the income needed to purchase a $500,000 home in various states, the chapter highlights disparities in home prices, taxes, and insurance impacting affordability. Discussions focus on rising costs, challenges for single buyers, and strategies for investors targeting diverse markets.

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Compass is the latest brokerage to settle after the recent NAR lawsuit made sweeping changes to agent commission payments. With NAR, Keller Williams, Compass, and more associations and brokerages paying out massive settlement fees and rewriting their agent agreements, could we be on the cusp of even more lawsuits to come? We’re breaking it all down in this week’s On the Market headlines episodes!

First, we’ll discuss what happened in the Fed meeting last week and whether interest rate cuts could still be coming down the line in 2024. Unsurprisingly, the Fed has forecasted even stronger economic growth than expected, but will this hold rates where they are? Next, Compass pays $57.5 million to settle their antitrust lawsuit, but even with this week’s news and last week’s NAR settlement, many top agents aren’t seeing much of a change in demand.

Redfin reports on a sizable bump in housing inventory, with the “biggest increase in nearly a year,” as more homes for sale begin hitting the market. This is great news for the housing market, but will it start to slow down sales? Finally, we discuss how much you have to make to afford a $500K home and how affordability struggles could keep many Americans renting for much longer than they anticipated.

In This Episode We Cover:

Compass’ recent agent commission lawsuit settlement and what this means for investors

The Fed’s rate cut predictions for 2024 and when we can expect rates to finally fall

Strong economic projections from the Fed that point to a successful soft landing

What the annual spring housing inventory increase could do to the market (will it even make a dent?)

Housing affordability and how much you need to make to buy a $500K home

And So Much More!

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