Americans CANNOT afford to buy a home | Morris Invest

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It’s no secret that housing prices have skyrocketed over the past few years. In fact, home prices are up 40% since the beginning of the pandemic. A recent article, Bankrate’s 2024 Home Affordability Report, shines a light on how dire this situation has gotten for Americans.
Today’s homebuyers are being priced out of the market, with major contributing factors being low inventory, high interest rates, and high prices.
Bankrate’s study showed that 78% of adults who don’t own a home but want to, cite affordability reasons as the major factor influencing their housing situation. 56% of participants said they don’t have enough income to buy a home, and 47% said the home prices are prohibitive.
As I’ve been saying for years, smart investors are always buying tangible assets. While it’s true that it’s harder to buy right in these market conditions, it’s not impossible. I won’t pretend this is an ideal climate for investing – rates are high, prices are up, and supply is low.
But it’s only going to get harder to buy real estate in the coming years. As we watch the middle class slowly disappear, it is a critical time to be building your wealth, so you don’t get left in the dust.
Smart investors realize that the affordable housing crisis is actually an opportunity to add supply to the market, and to offer fair rental prices to tenants who need to rent.
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