How much equity do American homeowners have in their home?
According to recent data from MarketWatch, the average American homeowner has nearly $200,000 in home equity.
As of June 2023, homeowners in the U.S. have $10.5 trillion in home equity, the fourth highest single month on record. This gives the average mortgage holder $199,000 in equity, up from $185,000 in the first quarter of 2023.
Have you thought about tapping into your home equity for repairs, upgrades, or other needs? Learn more about getting a home equity loan or home equity line of credit from the team at Guaranteed Rate!
What is Thursday’s inflation data expected to say?
On Thursday morning consumer price index data will be released. It’s one of the key measures of inflation for the country. It’s also an important data point that the Federal Reserve uses to adjust interest rates.
Experts are predicting that the CPI data will show a monthly increase of 0.2% for July and a 12-month rate of 3.3%. A positive report may encourage the Federal Reserve to stop rate hikes, but the details in this report will likely matter more than the headlines. Sectors like healthcare and housing have proven to be sticky when it comes to inflation, and the Fed may want to see positive signs there before halting its rate hikes.
How has Minneapolis used affordable housing to fight inflation?
In May 2023, Minneapolis became the first major metro area in the U.S. to see annual inflation fall below the Federal Reserve’s target of 2.0%.
How has Minneapolis managed to succeed while other cities have struggled to fight inflation? Affordable housing. Minneapolis has seen a combination of public, private, and charity working together to move forward with a housing plan that will create 18,000 units per year through 2030.
The housing market is working to meet demand for ownership and rent growth since 2017 has only increased 1%.
Of all the housing projects the city is working to complete, the majority are meant to provide quality, affordable living spaces to low-to-middle income individuals and families. “The Twin Cities has historically been an affordable housing market relative to the nation,” said Ron Feldman, vice president at the Minneapolis Fed. “We’re trying to make sure we keep it that way.”
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