Homeownership Is Now a Pipe Dream , for Most in the United States.
Homeownership Is Now a Pipe Dream , for Most in the United States.
CBS News reports the dream of homeownership in the United States is just that for many — a dream.
As inflated housing prices have resulted in a cut-throat market, affordable homes in America are dwindling.
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Per a recent analysis by the National Association of Realtors (NAR), only around 250,000 homes currently on the market are deemed affordable for middle-class Americans.
Before the COVID-19 pandemic, nearly 656,000 homes were available to middle-income earners.
Experts say the housing trends show homeownership in the United States "is a signifier of the upper class now.".
Unfortunately, the middle-class dream of homeownership has been fading away.
, Daryl Fairweather, chief economist at Redfin, via CBS News.
According to Zillow, the average cost to buy a home is at or above $1 million in nearly 500 cities in the United States.
Experts say home prices in the United States have risen exponentially.
And they aren't stopping any time soon.
Per the S&P Case-Shiller Index, in the last year, housing prices in the United States rose 19%.
Experts say this is the sharpest increase the index has shown in over 30 years
