A recent report reveals that rural housing markets are increasingly resembling urban counterparts, showcasing quick home sales despite overall lower demand. Key metrics indicate a competitive landscape, but accessibility to mortgage lending services remains a significant hurdle. The average rural county has only 5.9 bank branches, making borrowing difficult. Additionally, generational poverty prevents many rural residents from affording homes. With substantial numbers of renters in rural areas spending over 30% of their income on housing, affordability remains a pressing issue, compounded by the limited availability of financial resources and guidance.
The majority of rural areas have fallen into a warm to hot range, where inventory is scarce and homes are selling quickly, despite lower overall demand.
Without the possibility of inherited wealth or family members as co-signers, many rural buyers are locked out of traditional mortgage options.
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