The Cost of Housing in America
Statista: Majority of American's Cannot Afford an Average Hourse by Felix Richter, Aug 27, 2024 Housing affordability in the United States has taken a sharp turn for the worse in recent years, as house prices surged to historical highs during and after the pandemic and mortgage rates have risen steeply over the past three years, as the Fed tried to rein in inflation. MARKET IMBALANCE DISCUSSION BOX DEMAND SUPPLY cash from government stimulus checks very constrained supply of new/ existing homes stay at home orders and remote work construction disrupted by Covid buying larger cheaper house in different location potential sellers afraid of uncertainty historically low mortgage rates This imbalance caused a rapid increase in home prices across the country, pushing many potential buyers out of the market, a trend that was exacerbated when the Fed started to