Why Is Homeownership In 2021 So Expensive?
June 4, 2021
11
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2:48Now PlayingWhy Is Homeownership In 2021 So Expensive?
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as posted by the channelWe all want affordable housing, and many of us want to be homeowners. But homeownership in 2021 can be so expensive especially if you’re a first time home buyer! Why is that the case? Let’s talk about it.
Welcome back to Bold TV with David Grasso. Be sure to like, subscribe, and hit the notification bell for all things Bold.
There are so many benefits of owning a home, but these days forget about the idea of affordable housing. Why is homeownership so expensive?
For starters, prices in the housing market have doubled since 1970, even when factoring in inflation. Why is that?
For starters, local government. This is all well-intentioned, zoning laws and such that tell you where you can and can’t build a home, but in the end limits thousands of new homes from being built. This causes prices to go up. For those that are current homeowners this is good as it drives up the value of your property you already own. For the first time home buyer this can make things very difficult as it drives up the price of land.
What about the federal government? Yup, them too. When the government prints more money and causes inflation, it drives up all prices, but especially the housing market. Which can make buying a home and/or building a home very difficult, and again less so when you’re already owning a home. That being said this also drives prices for renovations.
Lastly, mortgages! What is a mortgage? A mortgage is a loan that is specifically for buying a home. For a mortgage you need a downpayment, and in most cases the cost of rent is too high to allow renters to save up for the downpayment.
What do you think about the housing market? Where would you like to see the market headed for mortgages and affordable housing? Let us know in the comments below!
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