With home prices high and interest rates nearing 7%, mortgage debt is a growing burden on American families. But homeowners in some states are seeing this type of debt grow more than in others.
A new report from WalletHub found that homeowners in Maryland, Hawaii, and Nevada added the most mortgage debt between Q3 and Q4 2023.
The average household is $100,000 away from paying off their home, and the total mortgage balance in the U.S. is more than $12 trillion. But in Maryland, the average balance is $283,092 and rose by 1.23% in Q4 2023.
No other state saw an increase above 1% in the same period, and seventeen states saw decreases, putting Maryland at the top of the…
By KIMBERLEY HAAS
Addressing affordability issues by allowing for creative living solutions may be the key to getting more Millennials into homeownership.
According to the 2023 Home Buyers and Sellers Generational Trends Report published by the National Association of Realtors, the share of Millennial buyers has declined. Millennials between 24 and 42 years old made up 28% of all buyers surveyed.
The share of Millennial buyers dropped because Baby Boomers between 58 and 76 years old were on the move in the last half of 2021 and the first half of 2022. They made up 39% of buyers and were the largest share of homebuyers, taking the top spot from Millennials, who had held the position for eight years.
Overall,…
By KIMBERLEY HAAS
Professional opportunities, affordability, and fun in the country’s cities are being measured as commencement ceremonies wrap up nationally and Atlanta is coming out on top as the best place for college graduates to move to.
Earlier this week, WalletHub named Atlanta, Georgia, the best city to start a career after comparing the relative market strength and overall livability of 182 cities using 26 key metrics ranging from the monthly average starting salary to housing affordability.
Atlanta did well in the WalletHub ranking because of the availability of entry-level jobs and its low unemployment rate. On May 2, CoworkingCafe named Atlanta the best city to start a career with a bachelor’s degree. The underlying analysis took into account…
Americans agree that military families deal with more financial stress than the average family. Ahead of Veterans Day, WalletHub looked at the best places veterans can live to reduce that burden. The Midwest and South offer the best places for veterans to live well, according to WalletHub’s 2022 Best & Worst Places for Veterans to Live report. The report analyzed the 100 largest U.S. cities for key metrics related to veterans’ quality of life, including the share of military skill-related jobs, housing affordability, and proximity to VA health facilities. Raleigh, NC, took the top spot for the best place for veterans to live, followed by Austin, TX, and Laredo, TX. Madison, WI, and Tampa, FL, rounded out the top five.…
