Average long-term US mortgage rate climbs to 7.09% this week to highest level in more than 20 years
abcnews.go.com
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.
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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.
It should be noted that the income threshold varies and is based on your local area.
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.
If you think developers well build housing that is affordable for the average American once zoning laws are changed, I have a bridge to nowhere to sale you. Zoning is an issue but there needs to be a counter balance of none profit based housing. Many modern nations have already switched the bulk of their housing to the nonprofit model and it works! Once zoning is changed Best case scenario is apartment buildings with rent no one can afford. We need more home owners in America. But the whole industry is focused on building rental properties.
I think we are saying the same thing. Even without zoning, now all that would change is chemical plants and dumps popping up around working class communities. Wealthy people will snap up rezoned land close to their houses. The housing crisis goes way deeper than just zoning laws, to the point they are just a tool of many.
The tldr version: zoning was initially used to keep minorities out of areas and was changed into it's current form once the majority of money had already pooled in to too few hands.
The alternative to shitty zoning laws is not abolishing zoning laws, you know?
The alternative is government building single family homes using eminent domain. I'm not saying zoning isn't a issue but places have tried removing them and developers have zero incentive to build 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