The number of Americans who are living in multigenerational homes has risen dramatically since a few decades ago. In 2021 it is estimated that some 18% of the US population were living with this arrangement. For some it works great and it is what they prefer, but for many it is not their first choice and it is economic circumstances that have left them with little else in choices.
Right now the housing market is seeing the lowest supply in homes that it has seen in decades, with the difficulty in finding a place this means that more couples are moving back home. Especially for those who get letters from their landlords that their rent is unexpectedly rising by a shocking amount, those who have families with room are happy to have a place to land.
There are still a number of affordable regions to find in the United States, but in many places families and working individuals are priced out continually.
Homes are appreciating faster than incomes.
In San Fran for example homes are seeing price appreciation that's about double the average tech salary. Even those who are struggling right now might be working great jobs and it might not be all thanks to their spending habits for the reason they are seeing difficulty with keeping a roof over their head.
Home prices are growing faster than salaries in dozens of cities.
Those who might want to sell their homes are also facing the issue that they cannot afford anything else in their area, and they might not be able to afford anything close by.
As things continue to get worse the promises are more frequently uttered from politicians, how in one way or another they are going to solve this problem and bring us back to the memorable days of affordability. But so far nothing significant has turned the situation around yet and not likely to in the near future. Some might argue that in a number of ways they actually work to make it worse, whether they realize it or not.
Pics:
pixabay
Sources:
https://www.vox.com/2019/3/19/18256378/tech-worker-afford-buy-homes-san-francisco-facebook-google-uber-lyft-housing-crisis-programmers
https://www.cnbc.com/2022/03/18/home-value-increases-surpassed-median-salaries-in-25-cities-last-year-report-says.html
https://www.latimes.com/business/story/2022-01-28/homes-for-sale-listings-decline