Ever since the 2008 financial crash Americans throughout the country have been leery when buying a home. House prices in the last decade however have come a long way and are thankfully less then how high they used to be. According to a post on LinkedIn, reports are estimating housing prices to increase faster then the income.
2019 Half-way Over
With the year 2019 already heading into the 6th month, Americans are starting to search for accurate reports depicting 2019s housing and real estate market. The state of both markets has been fluctuating for the last decade.
The halfway mark has come with reports and analysis done by experts in this field. The AP reports, that there has been a noticeable rise in prices for buying houses that are greater than the incomes rising.
Now Is The Time To Buy A House
Although housing prices are predicted to rise up during this year, experts are also recommending first-time buyers make a move as soon as possible. The prices are only going to continue to see an increase. As noted by the AP report, home prices since the year 200 have jumped 3.8% while average annual income has risen a mere 2.7%.
The United States is a large country so these numbers may not seem frightening. However statistics are showing that nearly 80% of the housing market is being affected.
House Prices are Rising Higher then Rental Prices
Currently renting an apartment or home is financially cheaper then buying a home. Young millennials are known for opting out of buying a home due to other financial issues within their lives.
Pohlmann made an alarming yet interesting point, “With rental affordability outpacing home affordability in the majority of U.S. housing markets, and home prices rising faster than rental rates, the American dream of owning a home, may be just that — a dream.”