How Not To Get Priced Out
A home is more than a zip-code; more than granite countertops. A Home is not about the physical location of where you stay. A home is where a family comes to life. It is stability, it is safety and it is the place where moments become memories. A home is where life happens. But for so many Americans owning a home is becoming an achievement that on the surface seems impossible to achieve.
According to the U.S Census in 2015 home ownership rates fell to 63.4%, the lowest percentage since 1967 (Hispanic 46.7, Blacks 41.9%).
There are various reasons for the decline.
Millennials are waiting longer to buy homes
People are having harder times transitioning from renters to owners
Limited inventory of affordable homes
Difficulties qualifying for a mortgage; contributed by having more debt than income
Saving for a down payment due to high rents and poor income growth