Daren Blomquist
speaker
110 appearances
2 recordings
1 series
first heard Jan 2018
last heard Jan 2018
Daren Blomquist’s voice in public audio — every appearance, attributed to the second.
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And then Philadelphia was number three there.
And some of that, you know, a lot of that part of the Philadelphia metro area is in New Jersey.
So those three are all really somewhat tied to the issues that we're seeing in New Jersey there.
WSJ Your Money Briefing · Buying a Home More Affordable Than Renting in Most Markets · 15 Jan 2018
podcast
Sure, yeah.
When we look at by markets, by number of markets, we looked at 447 counties across the country, and in 54% of those, or 240 counties, it is actually still more affordable to buy than to rent.
So that wins out when we look at it based on number of markets across the country.
That's right, and that's where you start seeing really the affordability issue changes when you're looking at population centers and job centers, really, where there's a lot of population.
Those are the areas where it tends to be more affordable to rent, and those areas where it's more affordable to rent account for 64% of the population of those 447 counties that we looked at.
And so...
That's where we see that it really goes back to jobs.
The areas that have a lot of jobs and higher paying jobs are the areas where home prices have risen more quickly over the past few years, and that's making buying a home less affordable.
It doesn't necessarily mean rent is highly affordable in those areas, but what it means is it's the lesser of two, I guess, affordability evils in a lot of these markets.
That's right.
I mean, when we looked at these 447 counties across the country, 60% of them were seeing that rental growth, as well as home price growth, actually are outpacing wage growth.
Just over the past year, and that's been a consistent drumbeat that we've seen really over the past five years nationwide,
Home prices have gone up over 70% since 2012 in the last five years, and that's very true and sometimes even higher in some of these markets.
Wage growth has not gone up 70%, I think most people can attest to that, and the numbers show that as well during that same time period.
And as we look forward,
There's no real huge relief in sight, at least imminent relief.
We do see, in fact, interest rates are projected to go up this year, which will make buying a home less affordable.
Showing 61–80 of 110 · page 4 of 6
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