The middle class is currently being hurt because there is a housing shortage to go along with rising home prices. If you are a buyer with an income anywhere between 75,000 and 100,000 dollars you are only going to be able to afford 51% of the total amount of homes listed. This means that there are only 245,300 affordable homes. This gets even worse if the household incomes are between 50,000 and 75,000 dollars as there is only 165,280 affordable homes available for those people. The more the supply decreases, the higher the price will get.
- House prices are rising very quickly and the housing supply is not high enough for the demand.
- There is a supply of just 245,300 homes that are affordable for middle class buyers.
- If you make between 50,000 and 75,000 dollars there are only 165,280 affordable homes as the supply dwindles.
“Buyers with a household income between $75,000 and $100,000 are limited to roughly 51% of total homes listed for sale, compared with 58% in 2019.”
Read more: https://www.probuilder.com/how-housing-shortage-and-high-prices-are-hurting-middle-class