Billions In New Investment Could Put Baltimore Back On The Map
Baltimore is undergoing a significant transformation with billions in investments aimed at revitalizing the city. Key projects include a $500 million redevelopment of the Inner Harbor, major stadium renovations, and the $5.5 billion Baltimore Peninsula project. These developments are expected to attract investors, residents, and tourists, but also bring challenges such as housing affordability and congestion. City leaders emphasize the need for new housing and improved public transit to sustain growth and maintain Baltimore’s unique identity (Bisnow).
Housing starts fall to a four-year low
U.S. housing starts have plummeted to a four-year low, signaling potential trouble ahead for the real estate market. The sharp decline in new construction is attributed to rising interest rates, economic uncertainty, and higher material costs. This downturn could impact home affordability and availability, making it a critical moment for prospective buyers and investors to stay informed. (Bisnow).
Input wanted from Carroll residents on affordable and safe housing
Carroll County officials are seeking resident input to improve affordable and safe housing in the area. They are conducting a survey to gather community feedback on housing needs and challenges, aiming to develop better policies. Residents are encouraged to share their experiences and suggestions to help shape future housing strategies.
For more details and to participate in the survey, read the full article on the Baltimore Sun’s website here.
BoA Has Grim News for Homebuyers
Bank of America warns that the U.S. housing market faces prolonged challenges, predicting high prices, limited inventory, and persistently high mortgage rates until at least 2026. Despite slight recent declines in mortgage rates, economists see no immediate solutions, emphasizing that these issues will take years to resolve. Prospective homebuyers should brace for continued market difficulties and limited affordability. Read more about the implications for the housing market and potential strategies for buyers in the full article (Globest).
Four Key Findings From the 2024 State of the Nation’s Housing Report
The 2024 State of the Nation’s Housing report reveals persistent and widespread cost burdens, with 50% of renters spending over 30% of their income on housing. The U.S. faces a significant housing shortage, with rising costs and limited inventory hindering both rentals and homeownership. Federal rental assistance is lagging, covering only 25% of eligible households. Additionally, the nation’s housing stock is increasingly vulnerable to climate risks. Addressing these issues requires substantial public and private sector investment and innovative solutions. Read the full article here.