With US house prices skyrocketing due to increased demand and limited stock, it’s a great time to be a homeowner – but huge numbers of home buyers are being locked out of the market
Poor households are being squeezed from every side. In 2021, as housing costs spiked, households earning less than $30,000 hadafter paying for rent and utilities – about $380 a month, compared to nearly $600 two decades ago.
“They’re really worried about the price of gasoline and the price of eggs going up,” said Jenny Schuetz, a senior fellow at the Brookings Institution. “But [Federal Reserve chairman] Jay Powell and Biden aren’t saying it’s a problem that housing prices are going up.”The quintessential American success story has long involved home ownership, and for several generations it has been a reliable way to build wealth.
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