New York leads the world in this housing sector
Renters of high-end homes will pay more in New York than any other city in the world, with an unfurnished three-bedroom apartment across popular expatriate areas in the city averaging S$10,502 per month.
In the past year, average rental costs in NYC have risen by around 4 per cent per month, taking it above Hong Kong in the Accommodation Survey from employee assignment analysts ECA International.
The rental market continues to be very active and rental prices have been climbing since the lows of 2009. This has been fuelled by a strong employment market and an influx of business in key service sectors,” said Michael Witkowski, Vice President - Americas, ECA International.
Elsewhere in the US, Los Angeles saw a 9 per cent rise in rents and has now entered the top 10 for the Americas region along with San Francisco, Miami, and Boston. San Francisco is also in the global top 10.
Mortgage applications higher last week
Mortgage applications were up 4 per cent last week on a seasonally-adjusted basis, the Mortgage Bankers’ Association says. On an unadjusted basis, its Market Composite Index was down 5 per cent.
The purchase index was up 6 per cent on an adjusted basis and 2 per cent unadjusted. The refinance index was up 0.2 per cent and the share of loans that were refinances dropped to 50.0 per cent, its lowest since June 2016, from 53 per cent a week earlier.
Interest rate rises concern for homebuyers
The expected increase in interest rates is a concern for 49 per cent of Americans according to a new poll from Bankrate.com.
The figure has risen from last year when 41 per cent said that interest rates were a concern. Millennials are most likely to say that they are concerned with the impact on personal finances most prevalent among younger millennials.