The affordable housing crisis in America is worsening with nearly 90% of major cities having home prices beyond the reach of the average person leading to a shift towards more affordable regions and reshaping the housing market landscape.
Affordable Housing Crisis Deepens – Study Reveals 90% of Major US Cities Have Home Prices Beyond Reach
According to Benzinga, the problem of the affordable housing crisis in America is getting worse, as shown by a recent study from Clever Real Estate. It found that in 44 out of 50 big cities, the prices for homes are too high for the average person to afford. This means almost 90% of big cities have homes that cost more than what most people can pay which is not good news.
This housing crisis is much worse in places like Los Angeles, California, where you need to earn about $250,000 every year just to afford an average home. And even then, you might not get good schools for your kids. This is a big change from just 15 years ago when things were not so expensive. Now, rising interest rates are making it even harder for people to buy homes, especially for those buying their first home.
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44 out of 50 Major Cities: America’s Housing Crisis Worsens with 90% of Median-Income Households Unable to Afford Homes! (PHOTO: The New York Times)
Affordable Options in Sunbelt and Midwest Cities Reshaping America’s Housing Market Landscape
Furthermore, people are seeking affordable housing in cities across the Sunbelt and Midwest like Pittsburgh and Cleveland to avoid a housing crisis where homes are priced under $300,000, contrasting with expensive cities like San Francisco and Boston. This shift is reshaping America’s housing market, potentially reducing the popularity of cities like New York and Los Angeles in the future.
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