“The dream of homeownership has grown more out of reach for middle-class Americans during the pandemic.” Nicole Friedman writes at the Wall Street Journal.
- At the end of 2019, there was one available listing that was affordable for every 24 households in the $75-100,000k income bracket. “By December 2021, the figure was one listing for every 65 households”
- Compounding the problem is rising rents. Skylar Olsen, principal economist at mortgage-finance startup Tomo Networks told the Wall Street Journal this could hurt families who are trying to save for a down payment, “It’s hard when both options are eroding in affordability so quickly…That will just make your future wealth building even harder.”