The housing market is a hot topic among potential buyers, investors, and homeowners, as the cost of living continues to rise. The year 2023 is no exception, as recent reports show that almost all of the homes listed for sale at that time were unaffordable for most buyers.
According to the real estate portal Godzillanewz, the latest data shows that only 8% of the listed properties in 2023 were affordable for those with moderate incomes. Of those homes that were affordable, some high-growth areas in the U.S. saw prices increase by as much as 15%, although most were within the 9% to 11% range.
The trend doesn’t appear to be slowing down anytime soon, either. Experts have pointed to factors such as rising labor costs, high unemployment, and stagnating wages, as contributing heavily to the unaffordable housing crisis. They believe that, until these conditions are addressed, the housing market will remain in a state of crisis for years to come.
The lack of affordable housing is now affecting more people than ever before. With prices skyrocketing in some cities, families who have lived there for some time are being forced to leave, unable to afford the higher costs. Meanwhile, those who do manage to stay put are often opting to rent instead of buying.
This isn’t just a problem in the United States, either. Many developed and developing countries around the world have seen their housing markets become unaffordable for the majority. In some cases, governments have taken steps to try and address the issue, with policies aimed at increasing the availability of affordable housing.
However, for the most part, it appears that the lack of affordable housing will remain a problem in many countries for some time. As such, it’s vital that policy makers come up with solutions that will help to make housing more accessible and affordable for all. Otherwise, the problem is only going to get worse.
2023 Housing Market: Unaffordable Homes Dominate Listings
