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The average home price is now just under $350,000, making homebuying a financial impossibility for many families. Those looking for an affordable alternative may consider renting a single-family ...
Following the Great Recession in 2008, there has been a substantial decline in the rate of home ownership, leading to increases in foreclosures and short sales. [7] [8] [9] This, in turn, has driven a surge in the number of individuals and families opting to rent homes, causing greater rental expenses. [10]
In January 2020, the median home price was $290,499 – nearly 45% lower than the median home price in May 2023. [7] For households earning 30% of the county's median income, most counties in the United States do not have rental housing considered affordable to at least half that income segment (one-third of 30% of median). [8]
Rather than preserving existing single-family homes, single-family zoning can lead to replacement and upscaling because of cost pressures associated with the housing shortage. [18] A trend towards larger single-family homes is also observable in national census data. [19]
“While single-family detached homes, the most expensive type of housing, are allowed on most residential land, there are fewer places with less-expensive homes like townhouses, duplexes, condos ...
With mortgage rates hitting 8%, inflation still running hot, and housing supply severely limited, you might think this is one of the worst times to look at real estate as a pure investment.
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