Reported 11 months ago
A recent report by the National Association of Realtors reveals that the median home price has hit a three-year high of $419,300, creating significant affordability challenges for new buyers. Alex Hermann from the Harvard Joint Center for Housing Studies points out that soaring home prices, combined with high interest rates, have led to a 'fundamentally unaffordable' housing market. This has resulted in many potential buyers being priced out, with a $40,000 gap between median income and the affordability of a median-priced house. The impact is substantial and has caused a record number of cost-burdened homeowners. For more insights, watch the full episode of Wealth at the provided link.
Source: YAHOO