What happened: According to the National Association of Realtors' Housing Affordability and Supply Report, the U.S. housing market is missing over 320,000 listings at a value of around $256,000 — the affordable price range for middle-income families earning around $75,000 per year. What the numbers say: Middle-income households can afford only 23% of the listings in the current market. Five years ago, they could afford around 50% of available homes. El Paso, Boise City, and Spokane were the top metros with the fewest affordable homes for this income group. On the other hand, three metro areas in Ohio — Youngstown, Akron, and Toledo had the most listings. Expert's take: NAR's chief economist and director of real estate research, Nadia Evangelou, said the shortage of homes for the middle-income group is making it harder for them to build wealth through homeownership. She recommends a two-fold approach to help with low affordability and limited supply. |
