Consistent home price appreciation is touted as the main benefit of homeownership; however, runaway home price growth over the past five years has homeowners feeling locked into a financial prison. According to Redfin’s latest market study, 38 percent of 3,000 homeowners said they couldn’t afford their home if they were to buy it today. As a result, homeowners are staying in place much longer — 59 percent said they’ve been in their home for at least 10 years and 21 percent have been in their home for at least five.
Source: Inman News
38% of homeowners couldn’t afford their home in today’s market
Published in Elijah de la Campa, homebuyers, homeownership, homesellers, Markets & Economy, median home price growth, mortgage rates, Property Portfolio, Redfin and Select
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