WASHINGTON: When Jennie Luhmann started searching for her family’s “forever home,“ she found herself in a perfect storm -- few properties were availab...
A for sale sign in front of a home in Arlington, Virginia, on August 22, 2023. Homeownership feels increasingly out of reach for younger generations of Americans, who are squeezed by student debt and childcare costs in an era of slower economic growth. - AFPPIX: When Jennie Luhmann started searching for her family’s “forever home,“ she found herself in a perfect storm -- few properties were available, buyers were making all-cash offers and interest rates were climbing.
The Biden administration has sought to narrow America’s housing shortfall, in part by lowering barriers to building, but it is not a quick solution. Young adults in America also “have a rising amount of student loan debt,“ Lautz said, and the restarting of payments in October after a pandemic-era pause adds to financial stress.
In August, US mortgage rates hit their highest level in more than two decades with the popular 30-year fixed-rate mortgage averaging 7.2 percent.“It was defeating for sure. We have a two-year-old, we were really hoping to start our lives together as a family,“ Luhmann said.“There’s such a lack of inventory that it has driven the prices up. I’ve been doing this for 40 years, I’ve never seen the prices like they are right now,“ said Joan George, a New Jersey-based real estate agent.
“Shelter” inflation, which takes into account rent and implicit rent that owners would pay on their homes, has stayed high even as other components fell.A solution is converting vacant office buildings into residential spaces, but current trends already worsen wealth gaps.
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