By Rose Quint | Eye On Housing
Affordability continues to be a serious constraint for prospective home buyers. One way to find out buyers’ perception about this issue is to ask them to estimate the share of all homes for-sale in their markets they are able to afford. A strong majority of 79% say they can afford fewer than half of the homes available. This, in turn, means that only 21% of buyers believe they could buy most any home for-sale in their markets. These findings come from NAHB’s Housing Trends Report (HTR)* for the third quarter of 2018.
A substantial majority of Millennial home buyers – 80% – estimate they can afford fewer than half the homes for-sale in their areas. The share is not much better among Gen X’ers (79%) or Boomers (75%).