A credit score significantly determines the terms of your loans and whether you can afford these loans or not. Credit scores are used in evaluating a range of loans such as personal loans, car loans, and home mortgages, so credit scores are equally important for both renters and homeowners.
First-time buyers accounted for 32 percent of sales (29 percent in February 2018).
In the last six years home prices increased 47 percent while wages rose 16 percent. What do these percentage changes actually mean for a typical homebuyer? How much did the typical salary increase in dollars? How much more do buyers need to pay for their monthly payment because of the price increase?
E-commerce continues to challenge brick-and-mortar retailers, especially department stores and sporting goods, hobby, book, and music stores. However, the retail trade sector is still facing bright prospects in growing metro areas that are attracting people, jobs, and housing.
Looking ahead, home values are poised to advance further in 2019, albeit more modestly.
The state and local tax (SALT) deduction allows taxpayers to deduct state and local tax payments on their federal tax returns. The new tax law, called the Tax Cuts and Jobs Act, instituted a cap on the SALT deduction.
Housing wealth contributes positively to the homeowner’s and children’s economic condition, because home equity can be tapped for expenditures such as investing in another property, home renovation, a child’s college education, emergency or major life events, or expenses in retirement.
At the national level, housing affordability is up from last month but down from a year ago. Mortgage rates were up from last month at 4.76 percent this January, and up 11.5 percent compared to 4.27 percent a year ago.
Financial literacy is the “ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.”
Financial literacy is an important determinant of homeownership because it affects savings behavior.