Rates are Up!Nine Million Americans Priced Out Of Housing Market

[Account Closed]

Nine Million Americans Priced Out Of Housing Market As Affordability Crisis Worsens

The National Association of Realtors (NAR) estimates millions of Americans have been priced out of the housing market since January as sky-rocketing mortgage rates spark an affordability crisis.

Nadia Evangelou, a senior economist and head of forecasting at NAR, said 9 million homebuyers had been priced out of the market. Out of that total, about 3 million millennials.

The blame resides primarily on soaring mortgage costs as the 30-year fixed-rate average jumped from about 3% at the start of the year to a shocking 5.25% this morning - the highest since 2009...

[Sean Pearce]

so 2.7% of the population has now been priced out on top of the 61% of renters who already can't afford a home purchase. 

the last few years have been so strange to me. while I know so many are struggling I've never been more financially secure, disciplined, and ready to buy property. It was a process that took the better part of 6 years with a ton of effort and life changing intention on every level. At the end of 2019 I had just been laid off twice in 3 months and I was at my wits end before I realized I was going to have to move away from where I was living and dive back into a previous well paying career I had abandoned 10 years prior.  
Even though my 2019 employment was a mess, back in 2017 I had started taking charge of my finances. It's now 2022 and I have made deals with lenders to clear debt, downsized my life numerous times, switched careers to make more money, reduced my monthly expenditures to just 20% of my take home pay, rebuilt my credit score by 350 points, and saved more money than I ever thought possible. I haven't owned a vehicle that cost more than $4000 in all that time. I've been able to immediately know how much I owe and how much I spend each month itemized down to the penny. 

Once I started paying attention to my finances with diligence my finances started getting better which taught me a valuable lesson...anything we give our attention to will get better.

I really am left wondering how many of those 64% of the population have made the same sacrifices and types of decisions to fix their financial life?