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Housing Costs Outpace Incomes | Real Estate News
A new report reveals that while overall buying power has grown since 1974, the real pain point is housing—especially for homebuyers. Renters are better off than their predecessors, but buying a home? That’s a whole different battle. Costs for healthcare and college have skyrocketed faster than incomes, making down payments nearly impossible. The median home price today? Almost $420K—up from $229K in 1974, adjusted for inflation. Meanwhile, mortgage rates, while higher than a few years ago, are still below historical averages. The result? First-time homebuyers are waiting longer—now averaging…
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