The average long-term U.S. mortgage rate climbed this week to its highest level in more than 20 years, grim news for would-be homebuyers already challenged by a housing market that remains competitive due to a dearth of homes for sale.
The average long-term U.S. mortgage rate climbed this week to its highest level in more than 20 years, grim news for would-be homebuyers already challenged by a housing market that remains competitive due to a dearth of homes for sale.
Zoning laws have a small part to play. The biggest issue is the privatization of the housing market. The government needs to get involved in building single family homes.
More people need to take advantage of the USDA home loan program
https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-direct-home-loans
We were able to buy our house with 0 down. Our state even has a program where they foot up to 5k in closing costs. We started at 3.875% and refinanced to 2.875 when the rates plummeted a few years later to get rid of the PMI.
That’s great if you qualify, but you have to be below a certain income threshold. Not everyone does.
Yes, it’s means treated nonsense that only helps a portion of the people who need help, as designed
Zoning laws absolutely play a huge part. They are the main tool of NIMBYs to prevent new construction of affordable housing.
Small part? My city is getting richer and richer while rents are exploding all the while my block is dying because zoning laws won’t let any of it be changed.
zoning laws are the biggest single factor in limiting development, housing or otherwise.
When it’s literally illegal to build dense housing within 50 miles of a big city it makes a big diffrence