Global Courant
ISTANBUL
The U.S. housing market needs about 320,000 affordable homes for the middle class, according to a joint report released Thursday by the National Association of Realtors (NAR) and real estate listing site Realtor.com.
Valued up to $256,000, these homes are in the affordable price range for middle-income buyers with households earning up to $75,000 a year.
According to the report, middle-income buyers could buy half of all existing homes five years ago, but now only 23% of home listings in the current market.
“Middle-income buyers face the largest home shortage of any income group, making it even more difficult for them to build wealth through home ownership,” said Nadia Evangelou, NAR senior economist and director of real estate research.
“We need to increase the number of homes in the price range that most people can buy,” he added.
Realtor.com Chief Economist Danielle Hale said high costs and a shortage of homes are creating challenges for many buyers, keeping some in the rental market or delaying their purchases until market conditions improve.
“Those who can overcome affordability constraints may be increasingly attracted to newly built homes or suburbs and beyond, both of which can offer buyers more realistic opportunities for home ownership in the near term,” he added.
According to the report, of the 100 largest metropolitan areas in the US, El Paso, Texas, Boise, Idaho, and Spokane, Washington have the least affordable homes for the middle class.
Three cities in the state of Ohio, Youngstown, Akron, and Toledo, on the other hand, have the most affordable homes for this income group.
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