Homeownership Crisis

I found this article – How Is The Homeownership Crisis Affecting You? published on the Georgia Public Broadcasting site. Affordable housing once again came out on top of the list for concerns. It’s a quick read. Thought I would share!

We Asked: How Is The Homeownership Crisis Affecting You?

People from nearly every state in the country responded to a request from NPR on social media. Homeowners were requested to tell us about their experience trying to buy a home. From urban metro areas to distant suburbs, there were common themes of rising home prices coupled with limited options.

In a series of stories NPR has reported on a variety of factors that are contributing to this new housing crisis. They cited: a construction labor shortage, rising costs of building materials, a shortage of undeveloped land, and an increasing amount of regulation that limits housing development.

Among the many responses we received to our questions, the vast majority reported being unable to find a home that was affordable. Some had been searching for the right home for years. Others had given up the search. Many had moved to a new state to find the exact same housing market they’d tried to escape from.

While a six-figure household income might appear to make homeownership a guarantee, the rising cost of homes kept many in that income bracket shut out of the market.

That’s not so surprising when you consider that the median price for a new home in the U.S. is above $300,000.

With a lack of new, affordable homes, respondents said they looked for lower-priced, older homes. But those homes often need renovations or upgrades that add to the total cost of the home.

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