Everything a first-time homebuyer needs to know to seal the deal
Thursday, November 01, 2018
Real estate professionals offer consumers advice on first-time buying programs and insights into market conditions
Affordability is at an all-time low for starter homes, and it’s making things tough for prospective first-time homebuyers to cross over from renting to owning.
A recent news story from Bloomberg claimed starter homes are pricier than they were at pre-recession levels and the typical first-time homebuyer now needs nearly 23 percent of their income to afford the typical entry-level home, according to data from the National Association of Realtors.
Even as prices gradually decrease and inventory rebounds, modest cooling in the housing market really only helped high-end markets.