My latest BiggerPockets article digs into a study by ATTOM Data Solutions on housing affordability and the results aren't good. This, of course, shouldn't be surprising as the United States is currently in a deep recession, yet housing prices are going up. Combine flat wages, high unemployment and rising housing prices and you get very unaffordable housing.
Here's the study's key takeaway:
…median home prices of single-family homes and condos in the third quarter of 2020 are less affordable than historical averages in 63 percent of counties with enough data to analyze, up from 54 percent a year ago.
The article itself goes into far more detail and concludes that it's hard to imagine this continuing apace that much longer without a correction in the housing market.
Check it out!
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