Every day, more and more people wonder how they’re going to afford housing. The problem is that the cost of living has risen so much that families making a mere $30,000 per year can’t find affordable housing in many parts of America. The housing crisis in America affects many people, but not everyone is feeling it equally.
You may be feeling some hesitation about the housing crisis in America, especially if you are considering buying a house. Here’s the latest scoop on what’s going on and some advice on how to buy a house.
It’s been nine years since the economic recession, and America is finally out of it. But not so with our housing market- prices are still high, and there’s not enough inventory, or at least inventory that isn’t overpriced. The housing market is in a state of constant flux, and there’s no doubt that it will affect your buying decisions.
The housing crisis in America has affected many aspects of the economy since it first showed up on the radar in 2008. A large part of the homeownership decline was due to lenders restricting mortgages, as we came out from under the worst part of the recession. But once in a while, the housing market is a victim of its success.
The housing market is like any other market- it’s always going up and down based on changes in demand and supply. It might seem surprising that the housing market has remained depressed for so long, but it’s not unusual for this, especially during a severe economic crisis.
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