The widening gap between wages and home prices is pricing millions out of the housing market, necessitating solutions like extending traditional mortgage durations.
Despite a median household income of $91,551, families in California would need to earn $239,000 annually to afford a median-priced home, revealing stark affordability issues.
A shift from a 30-year to a 40 or 50-year mortgage could lower monthly payments and make homeownership more attainable for many middle-income families.
Limited housing supply, historically low interest rates, and demographic changes are all contributing to an affordability crisis that threatens the American dream of homeownership.
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