A combination of a shortage in homes for sale and rising prices is turning home ownership into an unattainable dream for many Americans, according to …
A combination of a shortage in homes for sale and rising prices is turning home ownership into an unattainable dream for many Americans, according to a report by the National Association of Realtors (NAR). Home prices have risen by almost 30 percent since 2019, making the typical house roughly $80,000 more expensive than prior to the COVID-19 pandemic, said the February report ( pdf). During the same period, wages only rose by 12 percent. A household making between $75,000 and $100,000 per annum is now able to buy just 51 percent of the active housing inventory, which is a 7 percent decline from the 58 percent in 2019. At the same time, housing inventory has plunged to a “historic low.” NAR calculates the current inventory to be 57 percent lower than in 2019. “There are about 245,300 homes currently listed for sale that a household earning $75,000 to $100,000 can afford to buy.
