• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

How Smart Mattresses Improve Sleep Quality For Couples

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

    May 9, 2025

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Inflation Still Biting Homebuyers As Headline Number Falls
Business

Inflation Still Biting Homebuyers As Headline Number Falls

November 15, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Dwindling Water Supply Forces Cities Like Phoenix To Make Hard Choices
Share
Facebook Twitter LinkedIn Pinterest Email

The price of shelter increased substantially in October despite topline month-to-month inflation remaining flat, dashing many Americans’ dreams of buying a home, according to The Wall Street Journal.

Inflation decelerated to 3.2% in October, down from 3.7% in September, owing to substantial deflation in the price of energy, but the shelter sector individually had prices increase by 5.5% for the year. Since the beginning of 2021, when President Joe Biden first took office, home prices have risen 29%, rents are up 17% and mortgage rates have neared 8%, according to the WSJ. (RELATED: There’s A Big Warning Sign That Commercial Real Estate Is In Trouble)

“Gasoline and food don’t scare me: I’ll go out to eat less. I’ll buy a moped,” Brian McCusker, a 33-year-old who works in community health, told the WSJ. “Housing is that one thing a lot of people view as the American dream…That first house proves a lot about you as an American adult…My grandparents and my parents both had houses at my age.”

If you were to buy a $1 Million home, you would have to

• Put $200,000 down
• Take on a mortgage of $5,600
• Pay another $1,000 in property taxes, insurance, and maintenance

A grand total of $6,600 per month.

Or you could just rent an identical house for $3,900. pic.twitter.com/F7LIT9w6ft

— Graham Stephan (@GrahamStephan) November 15, 2023

Demand remains strong in the housing market despite the rise in costs, with 17% of households planning to buy a home in the next year, greater than the average of 1% of households in a month that typically buy a home, according to the WSJ. Homeownership rates remain higher than COVID-19 pre-pandemic rates, owing to the cheap market during the pandemic that encouraged a lot of Americans to buy, but that rate will most likely fall as families are unable to afford new homes and the rate attrits.

See also  Exclusive: Germany, France and Italy reach agreement on future AI regulation

Mortgage rates reached a 23-year high in October, with the 30-year rate hitting 7.9%, leading to a decline in mortgage applications and reaching its lowest weekly pace since 1995. Mortgage rates have since moderated but remain elevated to around 7.5% following a decline in the rate of Treasury securities, according to the Federal Reserve Bank of St. Louis.

The Federal Reserve has attempted to tame inflation by raising its federal funds rate to a range of 5.25% and 5.50% after a series of 11 rate hikes, bringing the rate to its highest point in 22 years. The high rate is placing upward pressure on the price of Treasuries and, in turn, mortgage rates.

Amid rising prices and high mortgage rates, 85% of consumers in October said it was a bad time to buy a home, the highest in the poll’s history, according to a survey from Fannie Mae. Alternatively, only 37% thought it was a bad time to sell a home.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

biting falls headline homebuyers inflation number
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Ted Nugent farewell tour concert date canceled amid social media backlash

May 7, 2023

Black Oscar Winner Viola Davis Attacks Oscars as Racist

February 15, 2023

REPORT: Cleveland Browns Player Robbed At Gunpoint, Police Say

June 11, 2023

Jansen Panettiere died suddenly, enlarged heart cause of unexpected death

March 2, 2023
Don't Miss

How Smart Mattresses Improve Sleep Quality For Couples

Lifestyle May 9, 2025

Sharing a bed with your partner can be romantic… until it’s not. One of you…

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,111)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,628)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

The Nuggets Are in the Playoffs Again. Hold the Champagne.

April 17, 2023

Global bond funds post massive weekly outflows on rate hike concerns

October 6, 2023

‘They lied’: Rosie O’Donnell holds nothing back over East Palestine disaster, reminds Americans of EPA’s history

February 21, 2023
Popular Posts

How Smart Mattresses Improve Sleep Quality For Couples

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.