A new Redfin survey reveals that 91% of Gen Z adults say housing affordability is their top voting issue ahead of the 2024 election, as high property loan rates and low inventory levels strain the industry. Redfin Chief Economist Daryl Fairweather joins Wealth! to discuss how homebuyers should navigate the current housing industry as inflation continues to be a pressure.
“It is, for the most part, less affordable now than it was last year, and a whole lot less affordable than it was before the pandemic,” Fairweather explains. She adds that in the short term, rents will probably be more affordable in places where inventory is going up. She points to the South as a region seeing rent decrease as construction increases.
Fairweather adds, “I think everybody is starting to recognize that adding to the supply is the only way to sustainably make housing more affordable.” She explains that those set on buying homes in the current industry should make sure they can afford their mortgages in the short term: “You shouldn’t economic organization on rates coming down as part of your financial plan because they may not come down or they may not come down as quickly as you were hoping.”
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