- Buy a start house As a buyer for the first time, it is supposed to be exciting, recognition of financial security. But in more American cities, getting a starting home is far from hand, given a $ 1 million barrier to enter hundreds of cities.
A new housing report reveals the Aqaba until the home buyer is now above the first time in hundreds of cities.
Housing platform application Zillow Reports There are now 233 sites in the United States, where simple “The beginning of the house“A smaller and less expensive road to own a larger house-will now manage a million dollars or more. The increase includes a significant increase in five years when there were only 85 cities with novice homes. One million dollars. The implications for significantly high payments include, and more high monthly mortgage payments for low and medium saying.
It is not just a problem with California, Zillow Economic Animnost Anushna Prakash wrote. New York, New Jersey, Florida, Massachusetts, Washington and Texas are now proud of cities in the Al -Bayt Club, which is worth one million dollars. This is more evidence that the crisis of the ability to afford housing is “here to stay” New search From Oxford’s economy.
In briefing this month, the company stated that the ability to bear the costs of national housing (HaI) was 72.8 in the last quarter of 2024, which means that the family that earns the average income of the United States is about $ 80,000, and it was only 73 % of the money you will need to provide a medium price house. This means that the potential housing buyers will need to rise in wages by about $ 30,000 to make it work at home.
There are no quick reforms on the horizon, according to Oxford Economic. Even if the prices of homes remain flat this year, it is not expected that Hai will approach the doorstep ability to withstand costs even after 2035. Other factors such as high property tax and insurance, low housing stocks, and bad prospects for reducing mortgage rates are also major factors.
according to Federal Economic Reserve DataThe average price of the house has increased by 31 % in the past five years. In 2020, the average selling price was $ 317,000 compared to the current average price of $ 416,900. Although this price decreased from its peak in late 2022 of $ 442,600, prices are still much higher than they were five years ago.
The builders also have signal President Trump’s tariff will not be suitable for hired home buyers. Definitions It is expected that the cost on imported goods will have a cost of $ 10,900 per home, according to the National Association of Home Builders and Wales Vargo Clear the housing market index.
Dr. HortonAnd 39 billion dollars for construction, Dead profit estimates this month Its revenues for the year were reduced to $ 33 to 34.8 billion dollars from 36 billion dollars to 37.5 billion dollars.
CEO Paul Romovsky told investors that the sale season in the home spring, which is usually the most crowded for buyers and sellers, is suppressed due to the sinking of consumer confidence and the ability to bear costs.
“The spring sale season started this year slower than expected,” said Romovsky. “We expect our incentive levels to remain more high and more, and how market conditions depend on it and changes in interest rates on mortgage.”
This story was originally shown on Fortune.com
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