Housing in the US - The Predictions
Source：SFGATE; Norada Real Estate Investments; REDFIN
From：Taiwan Trade Center, Chicago
Within the US, many people are looking for a permanent home to live in. People often look for homes that offer good property value. But that's not always the case. There are numerous challenges people face when trying to purchase properties in the United States.
What are such issues that affect the housing market as a whole? One such problem is the housing shortage. According to an article by Marco Santarelli made on July 7th, 2023, he writes “One of the primary causes of the housing shortage is the lack of new construction. According to the National Association of Realtors, the United States is currently experiencing a housing shortage of between 5.5 and 6.8 million units, with the gap between supply and demand widening every year.”
The most notable places where property values are overvalued include: Buffalo, New York; Birmingham, Alabama; Indianapolis, Indiana; Kansas City, Missouri; Milwaukee, Wisconsin; Raleigh, North Carolina; and St. Louis, Missouri.
How can these issues affect a person's outcome on the housing market? The number 1 problem seen with people facing high property prices and other housing issues is homelessness. With the ongoing affordability crisis, effects such as high housing costs, can make housing unaffordable for many people especially those who are in poverty. So, when the cost of housing is too high for those with low income and without any benefits, they risk homelessness.
According to Norada Real Estate, “-the shortage of affordable housing has contributed to a widening wealth gap, as low-income families are unable to afford housing in desirable areas with good job prospects.” and “This has made it difficult for low-income families to find affordable housing”
If you are still looking for homes that happen to be overpriced, here are some ways professionals say are good ways to make it affordable. The number one thing that experts tell you to do is to research and don't rush your purchase, “Avoid making impulsive or emotional decisions solely based on the fear of missing out or the desire to enter the market,” said housing expert Smykalov.
What is happening currently to combat the housing crisis? Well, things are uncertain and indefinite at the current moment. Policy-making and organization are complex processes. Current trends show worse and worse results. At the moment, the future of the housing market needs careful attention; otherwise, it will negatively impact the people of the United States.
Source: https://www.sfgate.com/personal-finance/housing-market/article/overvalued-housing-markets-18266767.php; https://www.noradarealestate.com/blog/housing-shortage-in-america/; https://www.redfin.com/us-housing-market
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