Monday, April 29, 2019 / by Phil Slezak
How Quickly Can You Save Your Down Payment?
Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state.
Using data from HUD, Census and Apartment List, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.
By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.
According to the data, residents in Kansas can save for a down paym ...
Sunday, August 31, 2014 / by Phil Slezak
No. 2: Raleigh, N.C.
MSA: Raleigh, N.C.
Median Salary: $56,500
Unemployment rate: 5.1%
Population with bachelor's degree: 41.7%
Cost of living index: 102.7
Avg. Yearly Job Growth (2014-2016): 3.7%
Companies with 500 employees: 1 for every 792 people
Companies with <500 employees: 1 for every 51.85 people
Friday, June 06, 2014 / by Phil Slezak
CoreLogic released an analysis of residential properties in the first quarter of 2014, focusing specifically on homes with negative equity. The company found that more than 300,000 homes returned to positive equity in the quarter, bringing the total number of mortgaged residential properties with equity to more than 43 million.
Negative equity, more commonly known as a home being "underwater," means borrowers owe more on their mortgage than their homes are worth. The company cites declines in value, an increase in mortgage debt, or some combination of the two as factors leading to a home having negative equity.
The company's analysis found that roughly 6.3 million properties, or 12.7 percent of all residential properties with a mortgage, had negative equity as of Q1 2014. The first quarter of 2014 saw a decline from the fourth quarter of 2013, when 6.6 million homes had negative equity, or 13.4 percent.
Year-over-year, negative equity properties have declined ...
Monday, April 28, 2014 / by Phil Slezak
10 best cities to raise a family
No. 1: Raleigh, N.C.
Home base of the North Carolina State Wolfpack is one of America’s fastest growing cities of recent years, with an economic base led by banking and finance that’s pushed income levels into the upper third of America’s largest metro areas. Area public schools are generally strong, and crime is low.
Friday, February 28, 2014 / by Phil Slezak
No. 2: Raleigh, N.C.
Raleigh has experienced the second-highest overall population increase and the third-highest job growth over the past two decades in the U.S. It also ranked among those regions seeing the biggest jump in new immigrants and is the No. 1 city for families with young children. The area is a magnet for technology companies fleeing the more expensive, congested and highly regulated northeast corridor. Affordable housing and short commute times are no doubt highly attractive to recent college graduates and millennials looking to start families.
Raleigh, N. C. is growing at a healthy clip–fast enough to land the No. 2 spot on our annual list of America’s Fastest-Growing Cities. At the nearby Research Triangle Park, more than 170 companies have outposts, including IBM, GlaxoSmithKline, Syngenta, Credit Suisse, and Cisco. The wider area is also home to several major universities: North Carolina State University is in Raleig ...