If you are looking to buy a home right now, I feel so sorry for you. The other day when I wrote that “life in America has never been more unaffordable than it is right now”, some people thought that I was exaggerating. But the truth is that I was not exaggerating one bit. The cost of living has risen to extremely painful levels, and this is particularly true when it comes to housing. Since 2019, the median price of a home in the United States has risen by more than $100,000. And thanks to the Federal Reserve, we are now facing dramatically higher interest rates
As a result, housing has become extraordinarily unaffordable. In fact, a new report that was just released determined that homes are currently “unaffordable” in 99 percent of U.S. counties…
The typical American cannot afford to buy a home in a growing number of communities across the nation, according to common lending standards.
That’s the main takeaway from a new report from real estate data provider ATTOM. Researchers examined the median home prices last year for roughly 575 U.S. counties and found that home prices in 99% of those areas are beyond the reach of the average income earner, who makes $71,214 a year, according to ATTOM.
In the entire history of our country, we have never seen anything like this before.
A combination of insanely high home prices and suffocatingly high mortgage rates have literally frozen the housing market.
Until something changes, millions of potential buyers and millions of potential sellers will remain sidelined…
Housing experts point to couple trends driving up housing costs. Mortgage rates have topped 7%, adding hundreds of dollars per month to a potential house payment. At the same time, homeowners who locked in at lower mortgage rates during the pandemic have opted not to sell out of fear of having to buy another property at today’s elevated rates, depleting the supply of homes for sale.
“The only people who are selling right now are people who really need to move because of a life event — divorce, marriage, new baby, new job, etc.,” Daryl Fairweather, chief economist of Redfin, told CBS MoneyWatch.
Part of that is because some people have used their credit for luxury cars with huge shiny rims and don’t have enough foresight to invest in a 401K (or maybe they don’t have a job good enough to offer one)!
I have no sympathy for these people – get your priorities right like the successful people!
5:55 you must be old, retired, and out of touch with modern economics. When you were working and making your way through life, you had a government working for you, not against you. Now young people don’t have a chance without inheriting a fortune.
Thanks all you obiden voters, the American dream has been stolen. You all should be proud. ???????
THANK your BIDEN !!!!! Fake President !!!
Owning a single family home is still affordable with a 45 year loan from a lender.
At what income bracket 4:56 ?
There was a time when a family could depend on one income. Mom could stay home and raise kids if she wished. You didn’t have to have a degree, just a strong work ethic. Your children were robbed of this !
Exactly correct 8:47
So TOO are Vehicles / Food / GAS > NOT AFFORDABLE !!!!