Where is the Largest Supply of Affordable Homes?

Another great article from First American Title’s own Odeta Kush.

Where Can Potential First-Time Home Buyers Find the Largest Supply of Affordable Homes?

Written by Odeta Kushi, Mar 23, 2021 6:30:00 AM

In 2020, a combination of record-low mortgage rates and millennials aging into homeownership boosted demand against a very limited supply of homes for sale, resulting in rapid house price appreciation. The nearly two-thirds of American households who already own homes saw their equity increase, while potential first-time homebuyers, who are nearly always renters, missed out. While low mortgage rates increase house-buying power and thus improve affordability for potential first-time buyers, low rates also boost demand and, in a supply-restricted market, accelerate house price appreciation, which in turn reduces affordability. Nationally in 2020, this tug-of-war resulted in higher purchasing power, but a smaller share of affordable homes for first-time buyers.

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