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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.

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City of Elk River Economic Development
13065 Orono Parkway | Elk River, MN  55330
phone 763.635.1000