Tips to find affordable housing programs as home price increases outpace wage gains
Median house price in the U.S. is $440,000
(InvestigateTV) — The State of the Nation’s Housing 2023 study released by the Harvard Joint Center for Housing Studies reported that in order to afford a median-priced home, buyers should have $117,100 in annual income, making home affordability out of reach for many.
Danetha Doe, the founder of the website Money & Mimosas, said there are a lot of programs around the country with people working tirelessly to help address the needs of local communities.
“In a lot of areas in the United States, unfortunately, the median home price is too expensive for the local community,” Doe said. “As an example, the overall median home price today in the United States hovers around $440,000. And to put that into context, that’s 32% higher than in 2020.”
With the increase in home prices outpacing many people’s salaries, affordable housing can help fill in the gap, according to Doe. She said the best way to find programs in your area is to start Googling.
“And once you do that research there should be sites that pop up from your local city government, your local city council,” Doe explained. “There are probably nonprofits in the area that have programs and offer support for folks who are looking for affordable housing.”
Doe said each program is going to have different requirements in terms of who qualifies for affordable housing.
She said potential buyers should do their research so they will better understand if they are a fit. Also, talking to a financial advisor or mortgage specialist could also help.
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