Why is it so hard for people to buy their first house in this day and age? First off, houses are very expensive compared to income, but that's not the only factor. One important factor is inventory. There's just not enough houses. That inventory skews toward more expensive homes, so there's a real shortage of starter homes. Building big, expensive homes gives established builders more bang for the buck than building smaller, more affordable homes. Zoning laws restrict where and what kind of homes can be built. Interest rates make a difference, too. Buying a home isn't easy, but it can be done. Or you can wait for the market to become more favorable. Will it? That's one thing we cannot predict. This video has a 90-second skippable ad at 4:30. (via Digg)
Saturday, December 09, 2023
Why Buying a House in the US is So Hard Now
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2 comments:
Now the average down payment is more than I paid for my house and 4½ acres. Ay Caramba!
xoxoxoBruce
Beau of the Fifth Column looks at this:
'Let's talk about Dems going after Wall Street on housing....'
https://invidious.slipfox.xyz/watch?v=IPgbA8WJXok
The Dems are trying to make single family homes more affordable by restricting what entities can buy them. The senate bill says 'hedge funds' (loosely defined as 'any investment entity with more than $50m in assets') can no longer buy single family homes, and the ones they do have, they have ten years to sell them off. That would make a huge difference if it gets through.
If.
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