US lacks 320,000 affordable homes



The US housing market is facing a serious shortage of affordable homes, according to a report by the National Association of Realtors (NAR) and Realtor.

The US housing market is facing a serious shortage of affordable homes, according to a report by the National Association of Realtors (NAR) and Realtor. The report shows that the country is short of about 320,000 homes priced under $256,000, which is considered reasonable for homebuyers with an annual income of no more than $75,000. This group of customers is classified as "middle income" and they can only afford 23% of ready-made homes for sale across the country. This figure has declined by half from five years ago.

US lacks 320,000 affordable homes

The shortage of affordable homes has been a persistent problem in the US for many years. However, the pandemic has made this issue even more critical, as it has heated up the real estate market. Many people have been unable to buy houses due to high anchor prices and rising interest rates. Homeowners are also reluctant to sell because they used to enjoy loans with low-interest rates. If they decide to change the house now, they will have to pay a higher interest rate.

Moreover, the report also found that homebuyers need to earn at least $125,000 a year or more to access half of the homes on the market. This means that many middle-income households are priced out of the market, leaving them with limited options when it comes to buying a house.

The shortage of affordable homes is not only a problem for middle-income households, but it also affects the economy as a whole. Housing is a vital sector that drives economic growth, and a shortage of affordable homes could hinder economic development. It can also lead to social problems such as homelessness and overcrowding.

To address this issue, policymakers should consider implementing measures to increase the supply of affordable homes. Initiatives such as subsidies for developers to build low-priced houses can help increase the availability of affordable housing. In addition, policymakers can also consider improving existing programs such as the Low-Income Housing Tax Credit (LIHTC) to encourage investment in affordable housing.

The shortage of affordable homes in the US is a significant problem that needs urgent attention. It not only affects the middle-income households but also has implications for the economy and society as a whole. Policymakers should consider implementing measures to increase the supply of affordable homes to address this issue.

US lacks 320,000 affordable homes

Support Ogusyis by making a contribution – no matter how small.


Enter your amount
£
Enter your amount
£
Enter your amount
£
Yourname
Email
Phone


Portugal Bank Valuations Hit Record High in April

Discover how the bank valuation of houses in Portugal has been steadily rising since December, reaching an all-time high of 1,596 euros per square meter in April.

Discover how the bank valuation of houses in Portugal has been steadily rising since December, reaching an all-time high of 1,596 euros per square meter in April.

Read more

Home Buying in Spain Set to Increase 7%-10% in 2024, Reports donpiso

Demand for buying homes in vacation destinations in Spain is up by 30%, according to donpiso. Find out more about the latest trends in the Spanish real estate market.

Demand for buying homes in vacation destinations in Spain is up by 30%, according to donpiso. Find out more about the latest trends in the Spanish real estate market.

Read more

UK Housing Market: Rural House Prices Outstrip Towns in Great Britain

Countryside semis lead property market with 22% price growth in 5 years. Explore the latest trends in rural real estate.

Countryside semis lead property market with 22% price growth in 5 years. Explore the latest trends in rural real estate.

Read more

Landlords Call for Rogue Tenant Register to Safeguard Properties

Leaders Romans Group research reveals landlords' push for a tenant register to track problematic tenants. Protect your property investments now.

Leaders Romans Group research reveals landlords\' push for a tenant register to track problematic tenants. Protect your property investments now.

Read more

The Shocking Truth: Rents in Spain Have Doubled in These Areas

Discover the regions, cities, towns, and neighborhoods in Spain where rents have more than doubled in the past decade. Find out why prices have skyrocketed.

Discover the regions, cities, towns, and neighborhoods in Spain where rents have more than doubled in the past decade. Find out why prices have skyrocketed.

Read more

UK Housing Market: Surging Interest in Scottish Real Estate Despite Taxes

Despite the high tax burden, demand for Scottish property remains strong. Find out why investors are still flocking to the market.

Despite the high tax burden, demand for Scottish property remains strong. Find out why investors are still flocking to the market.

Read more

Homeowners at Risk: Banks Listing Houses for Sale Amid Mortgage Crisis

Explore the urgency faced by homeowners as banks prepare to sell houses due to mortgage struggles, highlighting the ongoing housing market challenges.

Explore the urgency faced by homeowners as banks prepare to sell houses due to mortgage struggles, highlighting the ongoing housing market challenges.

Read more

Netherlands Home Prices Surge 7.5% in April, Exceeding July 2022 Peak

Existing owner-occupied home prices in the Netherlands rose by 7.5% in April, surpassing the previous peak set in July 2022. Find out more from Statistics Netherlands and the Land Registry.

Existing owner-occupied home prices in the Netherlands rose by 7.5% in April, surpassing the previous peak set in July 2022. Find out more from Statistics Netherlands and the Land Registry.

Read more

Young Canadians Fleeing Expensive Cities for Affordable Suburbs

Discover why young people in Canada are ditching expensive cities like Toronto for more affordable suburbs and cities. Read more here.

Discover why young people in Canada are ditching expensive cities like Toronto for more affordable suburbs and cities. Read more here.

Read more

Copyright © Ogusyis. All rights reserved. The Content may not be copied, distributed,  republished, uploaded, posted or transmitted in any way without the prior written consent of Ogusyis.