home-589068_1920The Orlando closing agents at Real Estate Closing Solutions are pleased to see improvements in the American housing industry. Only within the past few months have middle-class families started to see the challenges they once faced with purchasing housing relieved. The U.S. is seeing housing affordability improve after years of a damaging housing crisis that started in 2008. A recent analysis of American Community Survey data was released in mid-September that explored the housing affordability for many Americans.

Data released by Jed Kolko, who is the chief economist at Indeed.com and a senior fellow at the Terner Center for Housing Innovation at the University of California, Berkeley, showed that 49 percent of renters were burdened by cost in 2015, which means that they spent more than 30 percent of their incomes in rent, which was about 50 percent a year earlier. This is the lowest percent of renters burdened by cost since 2008.

Other data displays that homeowners being cost-burdened has decreased one percentage point from 2014 to 2015, and this is the fifth consecutive year that we’ve seen a decline in the number of cost-burdened homeowners.

In an interview with Habitat for Humanity CEO Jonathan Reckford, he talks about the importance of affordable housing. “Affordable housing is the key to providing stability for the families and neighborhoods that make up the fabric of great communities worldwide. People who experience a sense of belonging in a community and who feel that they have a voice very often take steps to improve their own financial situations. Those investments strengthen the local economy and can ultimately create jobs and improve both the financial and physical well-being of others.”

We can certainly attribute the state of the housing affordability partially to low mortgage rates, as well as renters seeing some income gains, which outpace the growth in their rent costs. Additionally, the popularity of single-family home rentals has decreased, which could mean that more people are ready or eligible to get mortgages rather than renting.

Lastly, single-family home ownership had its biggest year since 2007 with more than 65.7 million occupied single-family homes. We love that homeownership is continuing to prosper. We are Orlando closing agents that work closely with Orlando Realtors in order to help their clients with title and closing services. Contact us today to learn more about the scope of our services.