Even amid a robust economy, the housing market remains stagnant. Home buyers face inventory shortages, higher prices and tighter lending requirements – yet no solution seems imminent. On Thursday however, Freddie Mac revealed that 30-year mortgage rates had decreased about one percentage point since their recent peak, giving buyers greater purchasing power.
Lower interest rates alone won’t make a significant impactful on prospective homebuyers, because most need to increase their income to purchase in the first place. According to a 2021 study by the National Low Income Coalition, an average-income household in Warner Robins would need at least an income of $27,399 monthly in order to afford a mortgage; that figure represents four times what the city average wage is currently.
Due to an already tight job market, workers are finding it increasingly challenging to secure employment that pays enough to cover housing expenses. The gap is especially wide among lower-income households; according to a 2024 report by the National Low Income Coalition, Warner Robins housing costs were three times more expensive than an equivalent income for four individuals living there.
Homeownership is one of the cornerstones of American families’ financial security, serving as an avenue to build wealth over time and provide for their children’s futures. Virginia boasts an average homeownership rate for non-Hispanic white households at 73% while 48% exists among black households.
Senator Warner introduced The LIFT Act as part of his effort to close this housing affordability gap. This bipartisan legislation seeks to give first-time, first-generation prospective homebuyers access to more affordable mortgages and down payment assistance while realizing their American dream. Many organizations, such as AARP, Asian Real Estate Association of America and Opportunity Finance Network have come forward as co-sponsors of this bill.
Be it buying or selling, stay informed with the Warner housing market with our weekly home valuation reports. Plus, connect with a local agent, explore financing solutions, schedule home tours and understand your buying and selling power all on an app that knows you best!
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