The Price to Afford a Dream Home Falls Far Short for First-Time Buyers
According to a recent report from Realtor.com, the number of first-time home buyers dropped to 24% last year, the lowest figure on record, due to elevated housing prices and high mortgage rates making it difficult for first-timers to enter the real estate market. Elevated housing prices and high mortgage rates have made it difficult for first-time home buyers in many markets across America. Fortunately, some cities still offer affordable options with a modest salary required to reasonably afford a home.
- The stark reality is that for most Americans, the dream of homeownership seems further away than ever, forcing first-timers to reevaluate their priorities and financial goals.
- What role will government policies and subsidies play in bridging the affordability gap and making homeownership more accessible to low-income households?