In August 2021, the median listing price for all active listings was $380,000, up 8.6 percent from August 2020. What does this mean for the average population and how are federal and state housing policies being changed and implemented to address affordability concerns?
A growing real estate market is great for investors and for people who already own a home. However, for those wanting to purchase their first home, or those struggling to make ends meet, increasing home prices present a major roadblock. Many people are turning away from homeownership, opting to rent long-term instead. The homeownership rate has dipped from an all-time high of 70% in the mid-2000s to 65% in late 2020. Unfortunately, an increase in rental demand often means an increase in the cost of renting, sometimes pricing people out of the rental market.
One of our sponsors, Feldman Equities, looks at the possible policy responses that may be utilised by US States to address the issue.
The full article can be found here