A Place to Call Home; The Latest Trends in Housing You Should Know About

• Author: Marsha Jacobs
• Posted: 2024-01-06

It isn't easy trying to find a new home these days. Housing inventory still hasn't recovered in 2023. The supply remains at near historic low levels, but there is some encouraging news. Single-family home sales are soaring, especially with newly constructed houses.

Home affordability remains a huge issue, so it's important to be up on the latest trends, and industry experts are sharing their advice.

 

Determine Your Budget Before Proceeding

Entering into a home transaction is a big deal, and you want to ensure that your financial picture is sound. Banking professionals say that good job stability and steady earnings should be your top considerations before pulling the trigger. Both the price of a home and current mortgage rates are extremely high. Go online and use a mortgage calculator, which can estimate your monthly housing costs based on your down payment and interest rate.

 

Consider Renting a Home Instead of Buying

Many people believe that owning a home is an excellent investment, and although that may be true, renting a home gives you added flexibility. It's a personal decision and one that does have a few advantages. For example, when you rent a home, there is little to zero responsibility for maintaining it. It's also easier to move, and you don't have to pay property taxes or worry about a possible foreclosure.

 

Talk to a Housing Counselor for Advice

There is help available that won't cost you a dime as you navigate the housing market. The U.S. Department of Housing and Urban Development has tremendous resources available to guide the prospective home buyer. There are home-buying assistance programs located in every state. An HUD housing counselor can help you assess your situation. They can talk to your mortgage company if you're struggling with a financial matter. These experts can recommend mortgage relief options, etc.

Call 1-855-HERE2HELP (855-437-3243), or schedule an appointment.

 

Seniors, You Can Also Find Assistance Online

Each state across the nation offers housing resources just for senior citizens. Some of these programs to check out include the following:

• USA.gov for Seniors


• SeniorResource.com


• AARP housing options


• AARP reverse mortgages


• Bureau of Elderly & Adult Services


• 2-1-1 Infoline


• State Dept. of Revenue Adminstration

 

 

Some Companies Build Their Own Housing for Workers

This is an interesting trend that continues to catch on across the United States, and it may be happening in your neck of the woods. The housing market is so competitive that many workers cannot afford a place to live. Now, some employers are constructing their own housing for workers. Generally, this is designed for renters, but some have an option to buy the home.

Disney and Meta are just two of the big players having housing built for their employees. Elon Musk is also promising to construct worker communities in Texas for employees of his companies SpaceX, Tesla and Boring.

There are also smaller, local companies that are building housing for their workers to recruit and retain middle-income employees.

Would you live next to co-workers for the right price? Many folks would happily say yes, indeed!

 

Wherever You Live, Protect Your Stuff

When it comes down to all of the things your treasure, it doesn't matter where you live. In other words, whether you're a renter or a homeowner, insurance is essential. What it does is provide financial protection against damage caused by sudden or unexpected events. Both homeowners and renters insurance includes coverage on personal property, personal liability, additional living expenses and medical payments.

Only homeowners insurance includes dwelling coverage. Renters should also consider landlord insurance to cover any dwelling damage.

 

Remember: The Fair Housing Act Exists for a Reason

On April 11, 1968, President Lyndon B. Johnson signed into law the Civil Rights Act of 1968, also known as the Fair Housing Act. The law was designed to protect people from discrimination when they're renting or buying a home, getting a mortgage, seeking housing assistance or engaging in other housing-related activities.

If you believe you're a victim of housing discrimination, you can file a complaint here at the U.S. Department of HUD.



It's a competitive housing market today, but you can find the home that works for you. Buy or rent, take your time, and follow the tips outlined above.