Owning a home has long been seen as a pillar of the American dream. But a new report highlights just how far many Americans remain from achieving it.
Middle-income households, or those with annual earnings of up to $75,000, can afford only 23% of the homes listed for sale in the U.S., according to recent data from the National Association of Realtors (NAR). In a more balanced market, almost half of listings should be affordable to buyers of average income, the group said.
In fact, the housing market has a deficit of about 320,000 affordable homes, NAR found, which for moderate-income families ranges up to about $256,000. The median price for all homes is $388,000.
“Ongoing high housing costs and the scarcity of available homes continues to present budget challenges for many prospective buyers,” Realtor.com Chief Economist Danielle Hale said in a report. “And it’s likely keeping some buyers in the rental market or on the sidelines and delaying their purchase until conditions improve.”
Read more at CBSnews.com
What Are Your Thoughts?
