‘Priced out of big cities, middle class moves inland’
From the National Association of Realtors:
“The U.S. housing market is missing about 320,000 home listings valued up to $256,000, the affordable price range for middle-income buyers (households earning up to $75,000).
Middle-income buyers can afford to buy less than a quarter (23%) of listings in the current market. Five years ago, this income group could afford to buy half of all available homes.
Among the 100 largest metro areas, El Paso, Texas; Boise, Idaho; and Spokane, Wash. have the fewest affordable homes available for middle-income buyers. Conversely, three Ohio metro areas – Youngstown, Akron, and Toledo – have the most.”
There are some programs that help make home-buying more affordable. Ask your lender about Down Payment Assitance programs or visit the downpayment assistance site.
There are first-time homebuyer programs, and first-generation home buyer programs too.
If. you would like to buy a Boston condo for sale, but not ready financially now, this is the time to get ready to buy in 2024 and beyond.
It’s happening in Boston, as well.
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