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Real estate history repeats itself

Posted by Mehran Aram on Wed, Jul 17, 2019 @ 05:07 AM

Wage increases not keeping up with the rising cost of living has been plaguing the housing market for several years, but a new study of historical trends shows that this dilemma has been frustrating buyers for decades.

A report from Clever Real Estate shows that median home prices have surged 121 percent nationwide since 1960 while household income increased just 29 percent. Renters have also felt the pain of rising prices with a 72 percent increase since 1960.

Homes in the West have felt this problem more acutely as median home prices have risen 195 percent over the past five decades, compared to wages rising only 26 percent over the same time period.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Housing Market, Wages, Renters, household income, home buyers, median home price, Cost of Living, Historical Home Prices

World’s most expensive cities to live

Posted by Mehran Aram on Sat, Mar 23, 2019 @ 09:03 AM

In its annual Worldwide Cost of Living report, the Economist Intelligence Unit listed the most expensive places on the planet to live. Only two U.S. cities make the top 10: New York and Los Angeles and the only North American locations on the list. New York tied for seventh place with Copenhagen, Denmark and Seoul. Los Angeles landed the tenth spot, tying with Tel Aviv, Israel.

The list ranked 133 cities around the world based on over 150 factors including housing, commutes and household expenses. U.S. cities were among the priciest when it comes to utilities and domestic help.

Paris, Singapore and Hong Kong jointly held the title of most expensive cities to live. Despite San Diego being among the most expensive markets in the U.S., on a global scale, America’s Finest City didn’t make the list.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego, Mortgage rates, Expensive Cities, Cost of Living