A new report reveals that while the supply of homes in the U.S. is increasing, it remains insufficient for middle-class homebuyers. Families earning around $75,000 can now afford only 21% of listings, a steep drop from 49% in 2019. The report highlights the need for over 400,000 additional affordable homes to meet demand. Only two major U.S. cities have adequate low-priced listings, pointing to a widespread affordability crisis which also affects those earning $100,000. Thus, despite inventory increases, true affordability remains elusive for many Americans.
The supply of homes for sale in the U.S. is rising quickly, but millions of middle-class homebuyers face a significant shortage of homes in their price range.
Middle-income buyers earning $75,000 can only afford 21% of available listings, compared to 49% in 2019, showing a drastic decline in housing affordability.
To close the gap, 416,000 additional homes priced below $260,000 are needed to meet demand from families in the middle-income bracket.
Only two out of the 100 largest metro areas in the U.S., Akron and Youngstown, have homes available that meet the demand of $75,000 earners.
#housing-market #affordability-crisis #middle-class-homebuyers #supply-and-demand #real-estate-trends
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