The housing market can be a difficult game, especially when it comes to affordability. According to a recently released report from the real estate site Godzillanewz.com, almost all of the homes listed for sale in 2023 are unaffordable for the average American.
The report analyzed data from across the US and found that the median home listing price was $350,000, a number that puts it far out of reach for many households. This is because the median household income in the US in 2019 was $68,703, according to the US Census Bureau. Essentially, a household would need to make almost five times its current income to afford an average priced home.
For those looking to purchase a home in 2023, the report offered some potential solutions. One is to adjust housing standards to lower-priced homes. Although the requirements are stricter, that could open the door to more affordable options. Another suggestion is to consider different areas with lower home prices. Even though prices are inflated where this report focuses, other areas may still be within reach.
The news from Godzillanewz.com may be discouraging, but it also serves as a reminder of just how expensive it can be to buy a home. Realtors, financial advisors, and other professionals can help prospective buyers look at their options and determine the best avenues to pursue. It’s an uphill climb, but one that could pay off with the right guidance.