This lack of affordability isn't just in a handful of coastal markets, either. Of the largest 25 markets, just, where monthly payments on new mortgages are less than 25% of household income, per Goldman Sachs.
And for those who can afford to buy their own place, they're getting less house per dollar spent. Whereas $300,000 could have bought a roughly 2,000 square-foot home in March 2000, today the same amount might buy a 1,400-square-foot property, according to data cited by my colleagueYes, some of those other factors, like healthcare costs or student debt loads, have also gotten much worse in that time too. For example, health insurance premium contributions and deductibles totaled 11.
But while Americans have different health situations , all of them live somewhere. And whereas shoppers can trade down to cheaper brands when facing inflation, or to save money, the amount they pay to keep a roof over their head is pretty rigid. Together, those factors are pushing an increasing share of young Americans to delay renting their own place. In 2021, 68% of 25-year olds were living outside their parents' home, according to Pew, down from 84% in 1980.
For those who are able to rent, the monthly checks to their landlords are taking up a bigger and bigger share of their income.
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