Home costs have gotten very expensive; this is no big surprise. But the latest average for what is costs to own a home in the US is straight up CRAZY!
According to Business Insider, the US Median listing price for a home just soared to $392,000. That’s a 12.9% increase from just a year ago.
Spring is one of the busiest homebuying seasons, and it seems like things are ramping up more than ever right now. Earlier this week, there was a viral video out of Raleigh showing one open house that had homebuyers lining the streets.
Don’t get me wrong, it is great to see the industry picking up so much but the problem is US income is not growing with housing costs. It’s a rough market right now for buyers, and I feel very lucky that I’m not out there looking for a new home right now.
Danielle Hale, Realtor.com chief economist, says, “as inflation takes a larger chunk from everyone’s paycheck, households will have to make difficult financial decisions this year especially in relation to housing.”
Good luck to those of you out there right now trying to buy! It’s a shark eat shark world!