Home prices rose 2.4 times faster than inflation since 1960s, study finds. What that means for homebuyers
Publishing timestamp: 2024-03-19 11:21:27
Summary
Research shows that if home prices had increased at the same rate as inflation since 1963, the median price of a typical house in the U.S. would be much lower. However, in reality, the cost of a typical house is nearly half a million dollars. Factors such as mortgage rates, supply and demand, zoning restrictions, and land costs contribute to the high prices. Housing affordability is a major political issue, with many Americans saying it impacts who they plan to vote for. President Biden has announced plans to address housing costs and expand access to affordable housing.
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Keywords: business news, housing, personal finance, redfin corp, mortgages, personal loans, prices, united states, investment strategy, interest rates, breaking news: investing, real estate,