Why buying a home feels unrealistic for so many people today
Great job, this article really tells the true story.
I see it first hand as a builder. I meet a lot of people who are trying to save up enough money to buy a home. Unfortunately most people can't save fast enough. If the cost of a $350,000 dollar house only increased by 5% a year you would have to save $17,500 a year just to have the same buying power.
Great article showing statistics of the current housing situation. This creates multi generational households being young adults moving back with their parents or older parents moving in with their kids to save money after retirement.
Very true! As a real estate agent in New England, where prices have continued to increase despite the rise in interest rates it is increasingly difficult for homebuyers, especially those looking to purchase a starter home. The median sales price in RI last month was 427,250, a 60% increase in the last 5 years. Looking back to 1991, we’ve seen an increase in home prices of 261%. COVID didn’t help as there was a mass exodus from NYC and Boston with buyers landing in Rhode Island to take advantage of our beautiful beaches while maintaining easy access to both cities. Something has to give.