• Wappingers Office
    (845) 297 4700
    (845) 297 8178
  • Lagrange Office
    (845) 485 2700
    (845) 485 2703
  • New Paltz Office
    (845) 255 6163
    (845) 255 6757
  • Commercial Real Estate Division
    (845) 297 4700
    (845) 567 8333

RisMedia Consumer News

Syndicate content
Updated: 3 hours 10 min ago

Sinkholes: Avoiding Collapsed Transactions

March 4, 2018 - 2:06pm

In 2017, multiple regions were severely impacted by natural disasters—and the real estate industry has been affected by them all. But one event which often occurs across the U.S. has largely been out of the limelight.

Sinkhole activity typically occurs in areas of Florida, Texas, Alabama, Missouri, Kentucky, Tennessee and Pennsylvania, according to the U.S. Geological Survey. These events take with them land surfaces, which oftentimes include homes, when rock in the underground space dissolves and creates an unsupported cavern, ultimately giving way and collapsing.

The recent resurgence of sinkholes in Florida is leaving homeowners with questions. Are there signs to look for? Can they be prevented? What if a home is destroyed during the selling process? There are steps that homeowners can take to protect themselves and their assets in the case of sinkholes.

Seek Out the Signs
Does the property have noticeable sinking, sagging or cracking walls? These are all tell-tale signs of a sinkhole, according to the Florida Department of Environmental Protection, Lou Nimkoff, president of the Orlando Regional REALTOR® Association, tells RISMedia.

EarthTech.com provides even more signs to look for, which can vary depending on the severity of the situation:

  • Tilting or falling trees or fence posts
  • Slanting foundations
  • Sudden pond drainage
  • Wilted vegetation in a specific area
  • The sudden appearance of earthy odors
  • Infestation of bugs, such as slugs and centipedes

Homeowners should also look out for holes or depressions in which surface or storm water disappears. If a vortex emerges through which stream or pond water swirls down, this is another sign of a sinkhole.

Evaluate the Property
If a sinkhole is thought to be present, homeowners must act quickly to have the home inspected. The first step is to report it to the state’s department of environmental protection. If the property is on the market, the buyer can request that the home be inspected by a geotechnical engineer.

“An evaluation by a geotechnical engineering company (often done in concert with the homeowner’s property insurance company) will provide recommendations regarding safety and options for repair,” says Nimkoff.

Manage a Sinkhole-Impacted Transaction
Both buyers and sellers will be affected if the property in question is in danger of being damaged by a sinkhole. To ensure clients are protected, real estate agents should recommend they hire attorneys with sinkhole experience.

“Buyers whose under-contract property becomes involved in a sinkhole should turn to their REALTOR® for a referral to a real estate attorney,” Nimkoff says. “Options for the buyers moving forward (cancellation or renegotiation of the contract; reimbursement or withholding of escrow) are subject to legal interpretation of the contracts and the language contained therein.”

If the sinkhole is discovered before the home goes on the market, both homeowners and real estate agents must follow local real estate disclosure laws. In Florida, the sinkhole must be fully disclosed using the appropriate forms.

“Sellers and their REALTORS® are required by Florida law to disclose the presence of a sinkhole; REALTORS® are further obligated to disclose by the REALTOR® Code of Ethics,” says Nimkoff.

Buyers wishing to walk away from a sinkhole property may be protected depending on the type of contract they sign. These contracts can vary by location and by attorney.

“Buyers whose accepted purchase contract includes an option to cancel pending satisfactory inspection results (or a maximum estimated repair amount) will most likely be able to walk away without losing their escrow,” Nimkoff says. “However, those buyers who utilized other types of contracts (such as an AS-IS) or who included minimal contingencies and wish to cancel the contract should consult with a real estate attorney.”

Remediate the Sinkhole
The good news is a sinkhole can be remediated if it is discovered before its collapse. The process varies depending on the severity of the sinkhole. Shallow, isolated sinkholes are typically repaired through excavation and the installation of a plug. If the sinkhole is deep, however, geotechnical contractors need to use special drilling equipment in order to fix the sinkhole without disrupting it. Some companies install injection pipes in which grout creates a concrete cap.

Of course, remediation does not always translate into a cooperative buyer. Sinkholes can be a deal-killer; however, a property should be remediated in any case to ensure the safety of the homeowner and their property. Insurance also plays a role, as added coverage may be required by the state once a sinkhole is discovered and remediated.

“The decision of whether or not to move forward on a property involved in a sinkhole is dependent on many factors that are personal to each buyer’s intent, the type of property, and the type and age of the sinkhole,” says Nimkoff. “Buyers should rely on their REALTORS® to guide them through all the things to consider as they make a decision.”

The best thing buyers and sellers can do is to become knowledgeable of which areas are more prone to sinkholes. While unpredictable, sinkholes have an easier time forming on specific land.

“According to the Florida Department of Environmental Projection, the entire state of Florida is made up of underground terrain (carbonate rock) in which sinkhole-forming processes are continually taking place, and there is no way to predict the formation of a sinkhole; however, there are definite regions where sinkhole risk is considerably higher,” says Nimkoff. “In general, areas of the state where limestone is close to surface or areas with deeper limestone—but with a conducive configuration of water table elevation, stratigraphy and aquifer characteristics—have increased sinkhole activity.”

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Sinkholes: Avoiding Collapsed Transactions appeared first on RISMedia.

Categories: Real Estate

HQ2: How the Experts Think Amazon’s Decision Will Shake Out

March 1, 2018 - 5:38pm

Since Amazon announced its search for a second headquarters site, experts have speculated on what city will become home to HQ2. In January, the company narrowed down its selections to 20. The area Amazon chooses can expect its economy to surge, and, in the housing market, an influx of new residents.

According to experts recently surveyed by Zillow, Atlanta and Northern Virginia are frontrunners. Twelve of the 85 experts who participated in Zillow’s 2018 Home Price Expectations Survey believe affordability, the availability of land and business-friendly incentives are what make Atlanta a prime spot.

Another 12 experts believe that, though costly, Northern Virginia is ideal for its proximity to Washington, D.C. Eleven others chose Austin, nine chose Raleigh and six chose Denver.

Los Angeles, Miami, Newark and New York are the least likely to be selected, according to the experts, chiefly due to congestion, high home prices and lack of incentives.

Whichever city wins, how Amazon has benefitted Seattle—where its current headquarters is located—could indicate how it will impact HQ2’s market.

“As the experience of Seattle suggests, Amazon will not only directly bring thousands of high-paying jobs to the chosen city, but also has the potential to transform the regional economy,” says Aaron Terrazas, senior economist at Zillow. “The local jobs boom that Amazon’s HQ2 promises will spur demand for the full spectrum of housing types, ranging from urban apartments to suburban single-family homes.

“Atlanta has the benefit of being one of the most affordable markets in the country, and is undergoing an urban renaissance with new public infrastructure providing attractive opportunities for employers seeking to lure young urbanites,” Terrazas says. “Northern Virginia has its benefits, as well, as it’s close to a highly educated workforce and a well-developed public transit infrastructure in the D.C. area.”

Amazon’s benefits, however, could come with drawbacks. A boom in the housing market could pressure prices, and more commuters could impact infrastructure.

“The potential economic benefits of hosting Amazon HQ2 are tantalizing, and will tempt the 20 municipalities still in the hunt to dangle significant tax incentives to get a deal done,” says Terry Loebs, founder of Pulsenomics, which conducted the survey with Zillow. “These cities should be prepared not only to justify their financial inducements, but to carefully weigh the social risks and costs that could accompany their HQ2 commitment. The mix and degree of these potential risks, such as diminished affordable housing stock, more congested roadways, and greater income inequality, vary considerably across the 20 markets.”

Amazon announced it would build the headquarters in October. The contenders: Atlanta, Ga.; Austin, Texas; Boston, Mass.; Chicago, Ill.; Columbus, Ohio; Dallas, Texas; Denver, Colo.; Indianapolis, Ind.; Los Angeles, Calif.; Miami, Fla.; Montgomery County, Md.; Nashville, Tenn.; Newark, N.J.; New York, N.Y.; Northern Virginia; Philadelphia, Pa.; Pittsburgh, Pa.; Raleigh, N.C.; Toronto, Canada; and Washington, D.C.

For more information, please visit www.zillow.com.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post HQ2: How the Experts Think Amazon’s Decision Will Shake Out appeared first on RISMedia.

Categories: Real Estate

Property Coin: Crypto Investors Looking to Fix and Flip

February 28, 2018 - 5:18pm

Is blockchain the future of real estate transactions? So far, only a few contracts have closed through Bitcoin or other forms of cryptocurrency; however, with offerings being introduced, that could quickly change.

Aperture Real Estate Ventures, a real estate technology and investment firm based in Los Angeles, Calif., claims it has launched the first-ever real estate-backed digital currency, Property Coin. Aperture’s model relies on coin proceeds to power its real estate investment business, which focuses on acquiring distressed residential properties and rehabbing them, as well as writing loans to smaller investors who have the same objective.

“Unlike many cryptocurrency offerings, Property Coin’s proposition is straightforward,” said Andrew Jewett, co-CEO of Aperture, in a statement. “One-hundred percent of the net proceeds from sales of Property Coins will be used to invest in properties and loans identified by our proprietary software and our experienced team. Accordingly, Property Coin is designed to be 100-percent backed by real estate assets, giving each coin holder a fractional economic interest in the investments made by Aperture or its affiliates with the net proceeds realized from the sale of Property Coins.”

When buying Property Coins, investors are not only receiving a fractional percentage of assets owned by Property Coin and its entities, but coin holders will also own 50 percent of the net profits from the loan and property investments.

Built on Ethereum—another blockchain-based cryptocurrency not far behind Bitcoin in popularity—Property Coin is completely backed by U.S. real estate assets. Aperture asserts that all investments will be made using the experience of Wall Street and real estate investment professionals while also incorporating industry technology powered by data science.

Property Coin’s public sale began on Feb. 26 for its initial offering at 50 U.S. dollars each, or through the equivalent value of Ethereum or Bitcoin currency. Property Coin purchases are restricted to Accredited Investors who buy at least $1,000 worth of coins.

“We’re very excited to be able to offer this proprietary formula to cryptocurrency investors who want access to a diversified, tech-powered, professionally managed portfolio of real estate assets through Property Coin,” said Matt Miles, co-CEO of Aperture.

Of course, volatility remains an issue with blockchain technology. Aperture is relying on its reinvestment strategy to add token stability and to create renewed interest in the real estate investment market.

Stay tuned to RISMedia for more developments.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Property Coin: Crypto Investors Looking to Fix and Flip appeared first on RISMedia.

Categories: Real Estate

Volatile Market Threatens Retirement Real Estate

February 26, 2018 - 4:57pm

The stock market has been on a volatile patch after plunging nearly 1,600 points at the beginning of February—and, while stable now, consumers and investors are watching closely. With many public pension plans tied to stocks, the incoming retirement community is hoping for a full recovery to recoup losses.

Many public pensions have already reported a loss. The California Public Employees’ Retirement System—the largest public pension fund in the nation—lost $18.5 billion in value over 10 trading days at the beginning of the month, according to the Wall Street Journal. While diversifying from traditional stocks and bonds decreases the risk of massive losses during a market drop, investing in alternative assets can introduce complex selling regulations and added fees.

Millions of government workers are relying on these plans, and with various states in a pension shortfall, employees are at risk of losing much-needed funds. The Wall Street Journal reports that most pension funds need to earn between 7-8 percent each year in order to pay for future benefits. According to Kiplinger, a few states are struggling to meet this goal: Illinois, Connecticut and Kentucky need to recover half of their estimated liabilities. In order to meet these objectives, hired firms are setting aggressive investment targets, which can potentially fund these accounts at a quicker pace, or may cause a steep fall-off, depending on stock market activity.

While most pension plans do not provide enough funds to financially carry an individual through their retirement, for many, they are the primary benefit they will rely on. For 30 percent of public-sector workers in 12 states, Social Security is not an option, according to CNN Money. The inability to control which assets their employer’s hired firm decides to invest in can be frightening for soon-to-be retirees who are watching funds diminish in the wake of this month’s market downturn.

What does this mean for real estate?

Future retirees, for one, may not have as many options when it comes to housing and paying off existing mortgages. Retirement-aged consumers who owe on their mortgage and do not receive the necessary funds to pay their debt, in addition to living expenses, may find themselves in a difficult situation. Individuals that were initially planning on downsizing and/or investing in a vacation property may find they need to refinance or risk losing their home to foreclosure or bankruptcy. These public pension plans in relation to stock market activity may also prompt homeowners to stay in their homes and at their jobs longer to secure more funds and ensure a financially safe future. With less downsizing, market inventory may be affected, creating shortages for move-up buyers.

With pension funds dwindling, the Public Pension Project—created by the Urban Institute’s Program on Retirement Policy and State and Local Finance Initiative—is working toward reform by examining current public pension trends and activity throughout the U.S. A State of Retirement map compiles this data to present detailed state-by-state information on plan rules.

Firms are adapting to the volatile market, selling off stocks and diversifying where needed, but only time will tell if these are sound investment decisions that will provide enough funds for the millions of Americans that need this income for their retirement and future real estate needs.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Volatile Market Threatens Retirement Real Estate appeared first on RISMedia.

Categories: Real Estate

IRS Clarifies Home Equity Loan Tax Deductions Under New Law

February 25, 2018 - 2:05pm

This year’s tax season is bringing to light taxpayer confusion surrounding The Tax Cuts and Jobs Act of 2017, which could impact homeowners in next year’s tax filing. The IRS is taking steps to clarify what the new provisions mean for the real estate industry and homeowners.

One of the most misunderstood provisions in the new tax law expires in 2026 and prohibits the deduction of interest paid on home equity lines of credit and home equity loans except when the funds are used to substantially improve the taxpayer’s home. The IRS recently issued a statement clarifying that the deduction has not been removed, but is instead available under new home improvement restrictions:

“…despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labelled,” according to an IRS release.

Homeowners must continue to meet the requirements of the previous law, which stated the loan must be secured by the taxpayer’s main or second residence, and the funds cannot surpass the cost of the home.

National Association of REALTORS® (NAR) President Elizabeth Mendenhall commended the IRS on its efforts to clarify how homeowners can take advantage of the HELOC tax provision.

“The National Association of REALTORS® is pleased with the IRS announcement clarifying and confirming that under the new tax law owners can continue to deduct the interest on a home equity loan, line of credit or second mortgage when the proceeds are used to substantially improve their residence,” said Mendenhall in a statement. “There has been much confusion on this issue, and the continued deductibility will bring real benefits to those who choose to take on remodeling projects to bring more resale value to their home or gain equity that may have been lost during the downturn.”

Randy Noel, chairman of the National Association of Home Builders NAHB), also supported keeping this provision within the new law.

“The National Association of Home Builders (NAHB) applauds [this] announcement by the IRS clarifying that households can take a tax deduction on a home equity loan or home equity line of credit if the loan is used for home improvements,” said Noel in a statement. “This is a major victory for remodelers and for homeowners who want to invest in their homes. NAHB has been pushing hard for this outcome since December, when The Tax Cuts and Jobs Act of 2017 was signed into law. We will continue to work with Congress and the Administration as they hammer out the details of the new tax law.”

Stay tuned to RISMedia for more developments.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post IRS Clarifies Home Equity Loan Tax Deductions Under New Law appeared first on RISMedia.

Categories: Real Estate

Why Your Mortgage Is Getting More Expensive

February 21, 2018 - 4:48pm

(TNS)—World events are conspiring to make it more expensive for you to borrow money to buy a house.

Mortgage rates have increased for five consecutive weeks, according to Bankrate data, bringing interest on a 30-year fixed rate loan to 4.44 percent—the highest level in 11 months—while home prices continue to rise due to a lack of available homes.

After years of tepid economic growth, animal spirits are aflame. Inflation and wage growth recently found a groove, while the Federal Reserve’s plan to raise short-term interest rates multiple times for a consecutive year has reduced the value of government debt. The yield on 10-year Treasuries is close to a four-year high. (Bond prices and yields are inversely related.)

Oh, and China may reduce its appetite for U.S. bonds.

Homebuyers Should Get off the Fence
Mortgage rates are moved by the yield on 10-year Treasuries, rather than short-term rate hikes by the Fed. That’s why mortgage rates fell throughout 2017, for instance, even as the central bank raised the federal funds rate three times.

Rates remain cheap, however, compared to historical prices. A 30-year fixed-rate mortgage came with an interest rate above 6 percent just before the Great Recession in 2007.

Potential homeowners should get off the fence and make a bid, assuming you have an affordable home target and adequate savings, because rates are likely only heading north.

Why Mortgage Rates Are Increasing
You’ve seen this movie before.

Immediately after the 2016 election, investors sold government debt en masse, causing the 10-year yield to rise from 1.88 percent on November 8 to 2.60 percent five weeks later. That dramatic rise was predicated on investors thinking a newly Republican-controlled Washington would bring about faster economic growth through infrastructure spending and tax cuts.

Optimism waned throughout 2017, though, as the GOP failed to overhaul the Affordable Care Act, casting doubt on their cohesion as a governing party. The long-promised massive infrastructure bill never materialized, while the prospects of a tax overhaul dampened. By the first week of September, the 10-year yield was 2.05 percent.

But then Republicans made progress on a $1.5 trillion tax bill, while the employment picture continued to brighten, and the U.S. economy grew at a solid clip over the last six months of the year.

With Congress agreeing to a $300 billion spending bill—which will only throw more coal on the burning economy—investors see fewer reasons to own bonds. Economic growth and higher pay could result in long-awaited inflation gains. Prices have been rising below the Fed’s 2 percent target, according to the central bank’s preferred prices gauge, for years now.

Higher inflation is a boon for fixed-rate borrowers but hurts debtors. The January jobs report, which showed a 2.9 percent-year-over year earnings increase, was a signal to market observers that inflation may be coming.

Meanwhile, Bloomberg reported in January that China, the largest foreign holder of U.S. debt, may reduce or cease U.S. debt purchases, causing market jitters.

Should You Be Worried?
Given the recent run-up in yields, you may be worried—but don’t panic just yet.

“This is not alarming,” notes Chris Vincent, fixed income portfolio manager at William Blair. “There is no significant drama in the credit markets.”

Markets, after nearly a decade of low rates and low growth, are adjusting to the new normal and corresponding volatility—and while China may own over a trillion dollars of U.S. debt, that’s less than 20 percent of all debt owned by foreign nations, and a fifth of what America owes itself.

You are entering a world where it’s going to become more expensive to borrow money. It’s time to get used to it.

©2018 Bankrate.com
Distributed by Tribune Content Agency, LLC

For the latest real estate news and trends, bookmark RISMedia.com.

The post Why Your Mortgage Is Getting More Expensive appeared first on RISMedia.

Categories: Real Estate

Survey Finds Hidden Costs of Homeownership

February 19, 2018 - 5:04pm

(TNS)—Your day burns brightly on both ends.

You prod your kids out of bed at daybreak, get them dressed, fed and off to school. You drive to work, endure meetings, colleagues, power lunches, memos and strategy sessions, only to return home through gridlocked traffic just as the sun sets, beg your kids to eat dinner, wash them, coax them to sleep, do the dishes and then mercifully collapse in front of the television set.

You fret over your emergency savings account, retirement savings account, credit card debt, mortgage rate, health insurance, college savings, and on and on.

It makes sense, then, you’d opt to pay a cleaning or lawn service every week to lighten your load. Hiring someone to keep your property in working order, either on your own or through homeowners association fees, doesn’t come cheap, though.

More than three in five homeowners—63 percent—use at least one recurring home maintenance provider, while 35 percent use two, according to a recent Bankrate survey. The average homeowner pays $2,000 annually on maintenance services, the survey finds.

Costs of Owning a Home
The price of biweekly landscaping probably never factored into your calculus when deciding how much house you can afford.

The average home mortgage neared $250,000 last year, according to the National Association of REALTORS®, which came with a monthly principal and interest payment of $973, or about one-sixth of median family income.

Homeowners saw an average property tax bill of $3,300 in 2016, according to ATTOM’s most recent data, adding another $275 to your monthly budget. You’ll also owe hundreds more in insurance premiums depending on where you live and what type of house you own.

That doesn’t even include the money you need saved in case something unexpected happens. If your air conditioning unit or washer and dryer gives out, you could immediately owe hundreds, if not thousands.

Kevin Mahoney, CEO of fee-only financial advice firm Illumint, recommends to designate a savings account as a “home maintenance fund.” Mahoney, who recently bought a renovated row house in Washington, D.C., contributes $100 to $200 a month as a hedge against unexpected repairs and wear-and-tear. Maintaining a house fund will inoculate you against high-interest debt, leaving your budget open for routine maintenance services.

Cost You Probably Didn’t Think About
After the years required to amass a sufficient down payment—the average among new homebuyers is 11 percent—and all the big costs staring homeowners in the face, it’s little wonder if you don’t account for smaller fare.

But the price tag for convenience can rise quickly.

People who opt for housekeeping shell out an average of $285 a month, while HOA dues ($210) and landscaping ($144) followed behind. A home security system costs $130, slightly more than pool care ($123). Snow removal ($84), septic service ($67) and trash and recycling collection ($55) proved more affordable.

Unsurprisingly, renters are less likely than homeowners to pay for recurring maintenance services, and when they do, they pay less for most services.

On average, renters pay less for housekeeping ($128), HOA dues ($71), pool care ($70), landscaping ($61) and snow removal ($24); however, they fork over a little more for security systems ($142), septic service ($113), and trash and recycling collection ($63).

Nate Masterson, a director of Finance for Maple Holistics, pays $1,000 annually for gardening services, and another $70 to clear his Riverside, N.Y., home of snow.

“It would require a lot of strenuous work to perform either task, and it’s simply more worthwhile for me to pay a professional,” says Masterson, 34.

Make Sure You Account for All Costs
Americans broadly struggle mightily to save.

The average person wouldn’t pay for an unexpected $1,000 expense from their savings, per a recent Bankrate survey, while the median amount in a savings and checking account for a middle-income household has essentially remained flat over the past 27 years, according to Federal Reserve data.

Credit card debt recently hit an all-time high, while the personal savings rate has dropped precipitously over the past two years.

If you don’t have a fully-funded emergency fund comprising three to six months’ worth of expenses in a high-yield savings account, strongly consider suspending as many as these services as possible until you do. Dropping almost $300 a month on housekeeping while lacking $1,000 in the bank is simply too risky. What if the roof caves in? At the very least, start contributing to a home maintenance fund.

You may not have a say in other costs—trash collection and HOA fees were two of the three most common—but make sure to account for those expenses into your budget prior to moving in, and in your emergency fund.

Life’s hard, and there’s nothing wrong with paying someone else to mow your lawn. Unless you can’t afford it.

©2018 Bankrate.com
Distributed by Tribune Content Agency, LLC

For the latest real estate news and trends, bookmark RISMedia.com.

The post Survey Finds Hidden Costs of Homeownership appeared first on RISMedia.

Categories: Real Estate

Buyers Entering the Market Solo Struggle

February 12, 2018 - 5:33pm

Accumulating a down payment is a struggle—and even more so for singles, according to a new report.

Singles are facing more than 10 years of saving, assuming they make a 20 percent down payment on a median-priced property, an analysis by Zillow reveals. Conversely, couples can do it in half the time: 4.6 years.

In addition, buyers have limited options when solo: 45 percent of inventory, compared to couples, who can afford 82 percent of supply.

“Nearly two-thirds of Americans agree that buying a home is a central part of living the American Dream, but for unmarried or un-partnered Americans, that dream is increasingly out of reach,” says Aaron Terrazas, senior economist at Zillow. “Single buyers typically have more limited budgets, which means they are likely competing for lower-priced homes that are in high demand. Having two incomes allows buyers to compete in higher-priced tiers where competition is not as stiff.”

The challenge is intensified in markets with rising values, the report shows. Couples face 14 years of saving in San Jose, Calif.—already a haul—but for singles, that span stretches over 30 years. In San Francisco, Calif., couples can amass enough for 20 percent down in 12.6 years, but singles have a longer road, at 27.8 years.

A handful of markets are more realistic for singles: Indianapolis, Ind. (7.5 years of saving); Cleveland, Ohio, and Detroit, Mich. (8 years); and St. Louis, Mo., and Pittsburgh, Pa. (8.1 years).

Across the largest metros:

Analysts assumed buyers are portioning off 10 percent of their income each year to savings. According to 2016 Census data, annual earnings were a median $80,800 for couples and $34,500 for singles.

For more information, please visit www.zillow.com.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Buyers Entering the Market Solo Struggle appeared first on RISMedia.

Categories: Real Estate