A national real estate company reports most Americans cannot afford to buy homes listed for sale in the U.S.
Redfin looked at listings from the top 97 metropolitan areas in the country and found only 15-percent of the homes for sale were affordable for the average U.S. family. In 2022, 20-percent of the listed homes were considered affordable.
One reason for the high prices is that homes are in short supply.
Even people who have money, might have a 3 or 4 percent interest rate on their present mortgage. If they sell their home and buy another home, and need to get another mortgage, they won’t get 3 or 4 percent interest rate right now. More like 7%.
New luxury home with elegant touches including covered entrance, columns.
Photo from Apha Media Portland OR