Written by BuildZoom's Chief Economist Dr. Issi Romem and Jack Cookson There are many, many gun sellers in the United States. In fact, there are more than five times as many gun sellers as Starbucks locations, and four times as many as McDonalds restaurants. Not impressed? The number of gun sellers in the country is about the same as the number of elementary schools, and is … [Read more...]
The Rising Income of First-Time Home Buyers
During the housing boom mortgage lending was available to people with a broad range of incomes. Since the bust, first-time buyers have grown more financially select. During the last decade’s housing boom it became much easier to obtain a mortgage and many people who previously couldn’t buy a home grasped the opportunity. In 2005 the annual number of first time home buyers in … [Read more...]
Why First-Time Buyers Matter For The Housing Market
As the housing recovery progresses, there is growing concern that first-time buyers - often equated with millennials - are buying too few homes. “Too few” in this context means less than the historical norm. Why should this worry us? The obvious reason is that it could indicate that the barriers to homeownership are rising, but when reporters cover the shortage of first-time … [Read more...]
Are First-Time Buyers Buying Too Few Homes?
The current housing recovery is an uneasy one. Even as it unfolds before our eyes, with home sales and prices steadily rising and talk of underwater homes giving way to talk of bubbles, there is a sense that something is very wrong. According to Lawrence Yun, the Chief Economist for the National Association of Realtors, the recovery’s missing link is that there are too few … [Read more...]
Do-It-Yourself? Depends Where You Live and What You’re Fixin’ To Do
The days when you had to build your own home are long gone, but many Americans still pride themselves on doing their own handywork. With roughly 300 billion dollars spent on home improvement last year, there is plenty of work to keep both us and the professionals busy. Doing a project by yourself is estimated to save between 25% and 50%, but doing it yourself requires time and … [Read more...]