During the epidemic there have been a record number of Americans purchasing homes across the nation. Shortage of housing supply and extremely high demand has caused about 65% of Americans
$6 Trillion in equity gains in only just 2 years for Americans that own their own home!
Dated: May 4 2022
During the epidemic there have been a record number of Americans purchasing homes across the nation. Shortage of housing supply and extremely high demand has caused about 65% of Americans who own their own home a piece of that pie.
"It’s a remarkably positive story for Americans who own a home; it’s also inseparable from the housing affordability crisis for those who don’t. For them, rents are rapidly rising. Inflation is whittling away their incomes. And the very thing that has created all this wealth has pushed homeownership as a means of wealth-building further out of reach." - , The New York Times
Here in Denver rents are spiking at an increasingly fast pace but not as much as homes prices. The struggle is real for both sides of the market whether you are trying to rent or enter the home buying market.
“There’s a rosy picture and a not-so-rosy picture,” said Emily Wiemers, an economist at Syracuse University who has studied how families tap their home equity to pay for higher education. “The flip side is pretty troubling. There’s this set of kids whose parents don’t own a home and so didn’t see this increase in wealth, and also whose parents may have seen declines in income.”
Prices are projected to continue to rise in the Denver Metro Area and hope still remains with interest rates still at a historical low but not likely to stay that way for long. Even with large increases in stock market prices, fewer people gained wealth from them compared to Real Estate and purchasing Real Estate remains to be a fantastic way to build wealth!
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My name is Michael Ross Steffen. Iâ€™m an Exit Realty Cherry Creek Agent in the Denver metro area and Team Leader For Generation Property Group! We specialize in advanced Internet marketing, buying, s....
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