First time homebuyers are at the lowest level in almost 3
decades. Lower wages, savings and high
student debt are cited as major inhibitors to this once vibrant segment of the
real estate market. Their absence from
the market has contributed to a decline of 386,000 in the number of owner
occupied homes.
It’s quite a different story over on the rental side of
housing with vacancy rates at their lowest levels since 1986, fueled by a 1.9
million increase in total tenants.
Median U.S. household wages were $54,204 in March. When adjusted for inflation, that’s 5.4% less
than they were in January 2008. Ouch.
Not a lot of positive news for real estate regarding sales
or new construction. We need those first
time homebuyers to get back in the game.
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