Average Home Prices in 550 U.S. Cities Hit $1 Million: Janet Yellen Calls for Action
California’s Housing Crisis: Average Home Prices in Los Angeles and San Francisco Exceed $1 Million
Janet Yellen, the U.S. Treasury Secretary, said that because mortgage rates have been low for a long time many people are afraid to sell their homes and buy new ones because they might lose their good mortgage rates. This makes it really hard for people who want to buy a home for the first time, according to the report of Benzinga.
President Joe Biden has suggested giving $10,000 to people buying their first home and also to people who are selling their first home to buy a bigger one.
Yellen said that there aren’t enough affordable homes available and we need to do something about it.
A report from Money showed that in 550 cities in the U.S., the average price for a home is now $1 million. In California, especially in Los Angeles and San Francisco many homes are worth a million dollars or more.
(photo: MinnPost)
Report Reveals 26% of Homes Sold in Late 2023 Snapped Up by Investors, Impacting Average Home Prices
Investors are buying a lot of the cheaper homes which makes it even harder for regular people to buy a home. A report from Redfin said that investors bought 26% of all homes sold in the last three months of 2023 which is the highest it’s ever been.
Some politicians want to stop investors from buying so many homes. Senators Sherrod Brown and Ron Wyden introduced a law to stop big companies from getting tax breaks if they buy lots of homes to rent out. This might help make homes more affordable for regular people.
