A housing development in Cranberry Township, Pa., is shown on Friday, March 29, 2024. ng them into rental properties as they try to grapple with anThe U.S. housing market is in one of its most unaffordable stages ever with listing prices averaging nearly $400,000 and mortgage ratesthat add hundreds of dollars onto a monthly mortgage payment. It has left many would-be buyers on the sidelines and younger Americans wondering if they will ever be able to achieve the life goal of homeownership.
They have pulled back as mortgage rates climbed to nearly 8% and have settled at higher rates than what had been available during the pandemic, but that hasn’t eased concerns for policymakers trying to shape the government response to an affordability crisis in the housing and rental markets. “The housing in our neighborhoods should be homes for people, not profit centers for Wall Street. Yet, in every corner of the country, giant financial corporations are buying up housing and driving up both rents and home prices,” Sen. Jeff Merkley, D-Ore, said in a statement with the bill’s introduction. “It’s time for Congress to put in place commonsense guardrails that ensure all families have a fair chance to buy or rent a decent home in their community at a price they can afford.
But the percentage owned by large groups is much higher in some markets like Charlotte and Atlanta, which has frustrated prospective homebuyers and lawmakers trying to grapple with the affordable housing crisis.
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