Homebuyers in the U.S. are facing a crisis, as soaring property values combined with stagnating income growth push affordability out of reach for many families.
With home values skyrocketing in major California markets, $1 million no longer guarantees a large or desirable home, shifting the definition of affordability.
Despite a slight dip in mortgage rates, persistent property-price growth means that potential buyers should expect continued challenges in finding affordable homes in coveted areas.
As home prices keep rising, future buyers might need to explore alternatives outside major metropolitan areas unless income levels rise significantly.
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