{"id":5557,"date":"2023-06-08T15:06:15","date_gmt":"2023-06-08T15:06:15","guid":{"rendered":"https:\/\/realestateagentmagazine.com\/?p=5557"},"modified":"2023-06-08T15:07:55","modified_gmt":"2023-06-08T15:07:55","slug":"us-housing-market-needs-more-than-300000-affordable-homes-for-middle-income-buyers","status":"publish","type":"post","link":"https:\/\/realestateagentmagazine.com\/us-housing-market-needs-more-than-300000-affordable-homes-for-middle-income-buyers","title":{"rendered":"US Housing Market Needs More Than 300,000 Affordable Homes for Middle-Income Buyers"},"content":{"rendered":"<p><em>NAR and Realtor.com<sup>\u00ae<\/sup>\u00a0find middle-income buyers face greatest housing shortage<\/em><\/p>\n<p><strong><u>Key Highlights<\/u><\/strong><\/p>\n<ul type=\"disc\">\n<li>The U.S. housing market is missing about 320,000 home listings valued up to $256,000, the affordable price range for middle-income buyers (households earning up to $75,000).<\/li>\n<li><a name=\"x_x__heading=h.gjdgxs\"><\/a>Middle-income buyers can afford to buy less than a quarter (23%) of listings in the current market. Five years ago, this income group could afford to buy half of all available homes.<\/li>\n<li><a name=\"x_x__heading=h.30j0zll\"><\/a>Among the 100 largest metro areas, El Paso, Texas; Boise, Idaho; and Spokane, Wash. have the fewest affordable homes available for middle-income buyers. Conversely, three Ohio metro areas \u2013 Youngstown, Akron and Toledo \u2013 have the most.<\/li>\n<\/ul>\n<p>WASHINGTON (June 8, 2023) \u2013 The U.S. housing market is short more than 300,000 affordable homes for middle-income buyers, according to a new analysis from the National Association of Realtors<sup>\u00ae<\/sup>\u00a0and Realtor.com<sup>\u00ae<\/sup>. The country\u2019s persistent housing inventory crunch impacts middle-income buyers more than any other income bracket.<\/p>\n<p>NAR and Realtor.com<sup>\u00ae<\/sup>\u2019s\u00a0<a href=\"https:\/\/link.mediaoutreach.meltwater.com\/ls\/click?upn=VeAO2BDYBwMOIcllAbzjl9Mu29OECpf-2FOakHhS8jdcJAh0yV5iaUaJ8JWX5DEgCGUgnQ24gzvUPczAlHtwxeCV4eDyF6YCmtXpgzfapIqlUup-2BPdWCNplm-2F84ktsgmgzE3hLtWSGBy0DPebsMPlxvg-3D-3DoUZL_yv-2FfUUhElVy-2FWH4w2IjoYM-2Fc4cSJxKO3Mk9Ocg3u8SSKD7UstZTPTCNAZ9R3zrKHCeX1xpYmNoWR70PjcsuLhnoV1ym5fHapLowAt322AIqgCivggNLR4JF9JkNdJM2vrs7tVT635JuDcp3rgtOllCQWASJvHQgkyTP21UOsM3q5DKR7MTRS9Qu-2Bh0L70EhxKPfMMmfgDmOz1wQ7K4VLEiekZrvro3Q0PqN4wRggZc6ox432vYVIGyWlVmrGLSc0zEDPpD-2F5-2FguRymMCcc2BCImw0JwhxjMETUWqJz28FrDOe0xPQl-2FakbsF42FknhsEzL-2Bl6XIcS3x5cBmQqilQe-2BhgwsUidhftvTe4ZMWx88fiU9bQmdr6ORsPbtqr7GBWv0UcdhJHCJ0dP08TRGrTFw-3D-3D\" target=\"_blank\" rel=\"nofollow noopener\" data-auth=\"NotApplicable\" data-linkindex=\"2\">housing affordability and supply<\/a>\u00a0report examines the number of listings missing by price range in the current market when compared to a balanced market. A balanced market is defined as when half of all available homes fall within the price range affordable for middle-income buyers.<\/p>\n<p>\u201cMiddle-income buyers face the largest shortage of homes among all income groups, making it even harder for them to build wealth through homeownership,\u201d said Nadia Evangelou, NAR senior economist and director of real estate research. \u201cA two-fold approach is needed to help with both low affordability and limited housing supply. It\u2019s not just about increasing supply. We must boost the number of homes at the price range that most people can afford to buy.\u201d<\/p>\n<p>At the end of April 2023, approximately 1.1 million homes were available for sale, an increase of 5 percentage points from one year ago. However, the market is missing almost 320,000 home listings valued up to $256,000, the affordable price range for middle-income buyers or households earning up to $75,000. Middle-income buyers can afford to buy less than a quarter (23%) of listings in the current market. Five years ago, this income group could afford to buy half of all available homes.<\/p>\n<p>\u201cOngoing high housing costs and the scarcity of available homes continues to present budget challenges for many prospective buyers, and it\u2019s likely keeping some buyers in the rental market or on the sidelines and delaying their purchase until conditions improve,\u201d said Realtor.com<sup>\u00ae<\/sup>\u00a0Chief Economist Danielle Hale. \u201cThose who are able to overcome affordability constraints may be increasingly drawn to\u00a0<a href=\"https:\/\/link.mediaoutreach.meltwater.com\/ls\/click?upn=VeAO2BDYBwMOIcllAbzjl6KWGWnC-2F249uGw9LTNRdf-2BDavAMrFuXQb0-2BfXJoZkyerF-2B-2F4H6iAE7rLBBHOAizh336gw1YepzweHfU3RXp-2F3gkNFOEpmTgh8JN5-2Fqezh87UqS9wKg4uGzXUrDOHuaRnFiTDesFDvbDWhScbl6a-2FcEjc-2FH273-2FoMgpK8GPSdM-2FQRzU2KAE7veD4fUEeak5JxjPVA4KhppOgkt-2Beml2KAldCTT373wVLd0vYbqS2M4KGFK8cWOxR4DS0q7aZ5zAq-2FRIU8KigzFtofsYVPF1AKS4bupCPj7alLPEWV5JgewKRrg2d_yv-2FfUUhElVy-2FWH4w2IjoYM-2Fc4cSJxKO3Mk9Ocg3u8SSKD7UstZTPTCNAZ9R3zrKHCeX1xpYmNoWR70PjcsuLhnoV1ym5fHapLowAt322AIqgCivggNLR4JF9JkNdJM2vrs7tVT635JuDcp3rgtOllCQWASJvHQgkyTP21UOsM3q5DKR7MTRS9Qu-2Bh0L70EhxKPfMMmfgDmOz1wQ7K4VLEiekZrvro3Q0PqN4wRggZc7YWy-2F0Qw5-2B3Z2swveJwwe-2FQ0HLqggvGBKj4wQxAk-2BWSecE1-2FEaApob-2FfCcKp2-2BnqZhJP1hVxMndtv68VVt6eY2FKPApBe8VyZPc4S8OkdznGM10X4RucS-2F7LAKFsiLt0xOyK7Zl-2FFNJ-2BSjC7ef01uCDf7cIqVRH6PFNX53HzBa-2Fw-3D-3D\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"3\">newly<\/a><a href=\"https:\/\/link.mediaoutreach.meltwater.com\/ls\/click?upn=VeAO2BDYBwMOIcllAbzjl6KWGWnC-2F249uGw9LTNRdf-2BDavAMrFuXQb0-2BfXJoZkyerF-2B-2F4H6iAE7rLBBHOAizh336gw1YepzweHfU3RXp-2F3gkNFOEpmTgh8JN5-2Fqezh87UqS9wKg4uGzXUrDOHuaRnFiTDesFDvbDWhScbl6a-2FcEjc-2FH273-2FoMgpK8GPSdM-2FQRzU2KAE7veD4fUEeak5JxjPVA4KhppOgkt-2Beml2KAldCTT373wVLd0vYbqS2M4KGFK8cWOxR4DS0q7aZ5zAq-2FRIU8KigzFtofsYVPF1AKS4bupCPj7alLPEWV5JgewKReS6p_yv-2FfUUhElVy-2FWH4w2IjoYM-2Fc4cSJxKO3Mk9Ocg3u8SSKD7UstZTPTCNAZ9R3zrKHCeX1xpYmNoWR70PjcsuLhnoV1ym5fHapLowAt322AIqgCivggNLR4JF9JkNdJM2vrs7tVT635JuDcp3rgtOllCQWASJvHQgkyTP21UOsM3q5DKR7MTRS9Qu-2Bh0L70EhxKPfMMmfgDmOz1wQ7K4VLEiekZrvro3Q0PqN4wRggZc4hMfeiLJuS6G9Z7FhCO3FDcG-2BsP34jnz-2FQx5gVm2UvCncyLP0OUo2GBuL-2F-2BLjmL6PpHoaAgoDKxMzPZJeVTOvKen-2FxVpjA8-2FcGnq9HD6iNDMu-2Ba4zEx7fbZHH4TCmYVlTzdPbzPEhfet7As33y2y7cLRAlYWZJP4n9wGvJgu8BGA-3D-3D\" target=\"_blank\" rel=\"nofollow noopener\" data-auth=\"NotApplicable\" data-linkindex=\"4\">\u00a0constructed homes<\/a>\u00a0or to the suburbs and beyond, both of which may offer buyers more realistic opportunities for homeownership in the near term.\u201d<\/p>\n<p>Among the 100 largest metro areas, El Paso, Texas; Boise, Idaho; and Spokane, Wash. have the fewest affordable homes available for middle-income buyers. Three Ohio cities \u2013 Youngstown, Akron and Toledo \u2013 have the most affordable homes available for that income group.<\/p>\n<p>\u201cEven with the current level of listings, the housing affordability and shortage issues wouldn\u2019t be so severe if there were enough homes for all price ranges,\u201d Evangelou added. \u201cOur country needs to add at least two affordable homes for middle-income buyers for every home listed for upper-income buyers.\u201d<\/p>\n<p>View NAR and Realtor.com<sup>\u00ae<\/sup>\u2019s housing affordability and supply report here:\u00a0<a href=\"https:\/\/link.mediaoutreach.meltwater.com\/ls\/click?upn=VeAO2BDYBwMOIcllAbzjl9Mu29OECpf-2FOakHhS8jdcJAh0yV5iaUaJ8JWX5DEgCGUgnQ24gzvUPczAlHtwxeCV4eDyF6YCmtXpgzfapIqlUup-2BPdWCNplm-2F84ktsgmgzE3hLtWSGBy0DPebsMPlxvg-3D-3DrzPF_yv-2FfUUhElVy-2FWH4w2IjoYM-2Fc4cSJxKO3Mk9Ocg3u8SSKD7UstZTPTCNAZ9R3zrKHCeX1xpYmNoWR70PjcsuLhnoV1ym5fHapLowAt322AIqgCivggNLR4JF9JkNdJM2vrs7tVT635JuDcp3rgtOllCQWASJvHQgkyTP21UOsM3q5DKR7MTRS9Qu-2Bh0L70EhxKPfMMmfgDmOz1wQ7K4VLEiekZrvro3Q0PqN4wRggZc7U05nFxgbn-2BXlZxGd71T3aMfA3211FWnadV1qaFSQ0fzf9v5UIZVAHspOrJt67Na5gLMziW9tI06gSMbM7yKpU-2F-2BvRNjXWT4nej2Ch9tdFwTbUbKu8I85NF1tyQqT4Ea4wFF1hDgOlwzjfVwDSPFFqP-2FshmowRm73tOornfvw62Q-3D-3D\" target=\"_blank\" rel=\"nofollow noopener\" data-auth=\"NotApplicable\" data-linkindex=\"5\">https:\/\/www.nar.realtor\/research-and-statistics\/research-reports\/housing-affordability-supply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NAR and Realtor.com\u00ae\u00a0find middle-income buyers face greatest housing shortage Key Highlights The U.S. housing market is missing about 320,000 home listings valued up to $256,000, the affordable price range for middle-income buyers (households earning up to $75,000). Middle-income buyers can afford to buy less than a quarter (23%) of listings in the current market. Five [&hellip;]<\/p>\n","protected":false},"author":45,"featured_media":5558,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-5557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/5557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/comments?post=5557"}],"version-history":[{"count":2,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/5557\/revisions"}],"predecessor-version":[{"id":5560,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/5557\/revisions\/5560"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media\/5558"}],"wp:attachment":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media?parent=5557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/categories?post=5557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/tags?post=5557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}