With housing prices rising at an unprecedented rate, the question a lot of people are asking is “what is the price of an affordable home?”
A new study from GOBankingRates shows that a full one third of the respondents would like to move to a city with more affordable housing. But what is affordable for one group of people isn’t even close to reality.
36% of all respondents consider a home to be affordable if it costs between $100,000 and $150,000. Wouldn’t that be nice!
25% said that affordable housing is priced between $150,000 and $250,000. We’re getting warmer!
This means that 60% of the respondents to the GOBakingRates survey believe affordable is less than $250,000.
The median home price in March 2022 stood at $375,000, an all-time high and a 15% rise from a year prior. While this is astounding, a full 60% of the population is looking at $250,000 as the upper end of the affordable housing market.
If the proposed Department of Labor changes are approved for the Davis-Bacon Act forcing prevailing wages on government backed affordable housing projects on offsite construction, look for the Median Home Price to rise even faster than it has.
Related Articles:
- Affordable Housing Over The Past 70 Years
- Attainable Vs Affordable Housing…Are You Confused?
- Britain Shares The United States’ Need For Affordable Housing
Gary Fleisher is the Editor in Chief of Modular Home Source and Offsite Builder. Email at [email protected]
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