“2023’s Unaffordable Housing Crisis: Almost All Homes Out of Reach!
The housing market in 2023 will be tough for the average buyer. According to new research, nearly all of the homes listed for sale were unaffordable to the typical family.
The research, conducted by Godzilla Newz and the National Association of Realtors (NAR), looked at all of the homes listed for sale in the dozens of cities tracked by the NAR in early 2023. They found that in most cases, the median income for a family wouldn’t have been enough to cover the monthly payments on the homes.
This is a worrying development. It means that the majority of the US population won’t be able to afford to buy a home in the near future.
There are many factors contributing to this state of affairs. Low wages, a lack of construction in certain areas, and rising home prices are all cited as reasons that the average family can’t make ends meet.
In addition, a number of cities, such as San Francisco, Los Angeles, and New York, have seen huge increases in the cost of living as people move in from other parts of the country.
The good news is that mortgage rates are still at a historic low. However, with most families already stretched to their financial limits, this won’t be enough to make the market accessible to them.
The only hope for the average buyer is for wages to rise quickly enough that they will be able to keep up with the constantly rising costs of housing. However, this will only happen if employers are willing to pay their workers a living wage.
As the cost of living continues to rise, it’s clear that the current situation is unsustainable. Something needs to change so that average people can afford to own their own home. Otherwise, we will see more and more people facing the prospect of never being able to buy a home.
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