The housing market has always been a complex and challenging market to navigate. With the increase in demand for homes, housing affordability has become a significant concern for many Americans. CBS Senior Business Analyst Jill Schlesinger recently spoke about the issue of housing affordability and how it impacts the average American.
According to Schlesinger, housing affordability has been an ongoing problem, and it’s not going away anytime soon. With the rising costs of homes and the lack of inventory, many people are struggling to find affordable housing. This is particularly true for low-income families and those living in urban areas where the cost of living is high.
One of the main issues contributing to the lack of affordable housing is the shortage of available homes for sale. Many homeowners are choosing to stay in their homes rather than selling, leading to a low inventory of available properties. Additionally, the COVID-19 pandemic has led to a surge in demand for homes as more people are looking for larger living spaces or moving to suburban areas.
Schlesinger suggests that policymakers need to take action to address the issue of housing affordability. She recommends implementing policies to encourage new home construction and to incentivize homeowners to sell their properties. She also suggests that local governments can implement zoning changes to allow for more affordable housing options.
For individuals looking to purchase a home, Schlesinger recommends considering all available options, including smaller homes or homes in less desirable areas. She also emphasizes the importance of having a solid financial plan in place before purchasing a home, as homeownership comes with a significant financial responsibility.
In conclusion, the issue of housing affordability is a complex and multifaceted problem that requires action from policymakers, local governments, and individuals alike. By understanding the root causes of the problem and taking steps to address them, we can work towards a more affordable and accessible housing market for all Americans.