Where is the Largest Supply of Affordable Homes?
Another great article from First American Title’s own Odeta Kush.
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.
Click the link above to see the list…
Click on this link to subscribe and receive timely article: First American’s Economic Center