Middle income home buyers in the United States are finding little on the market to buy, even if they can qualify and afford a mortgage
The report defined a middle-income home buyer as someone in a household earning up to $75,000 a year, the median household income in the United States. Given that income, these buyers can purchase homes valued up to $256,000 without being overburdened with housing costs. And there are a lot fewer homes in this category than a few years ago. Middle-income buyers can afford to buy less than a quarter — only 23% — of listings that are currently on the market.
For instance, buyers earning $250,000 a year can currently afford to buy 85% of the listings, close to but shy of the 93% required for a balanced market. “A two-fold approach is needed to help with both low affordability and limited housing supply,” Evangelou said. “It’s not just about increasing supply. We must boost the number of homes at the price range that most people can afford to buy.
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