Katharina Buczek
The cost of living is much higher today than it was when your parents were born. In fact, according to the Bureau of Labor Statistic’s consumer price index (CPI), prices today are nearly ten times higher than they were in 1960.
While this inflation rate affects nearly every aspect of life, it is arguably the most daunting and tolling when trying to find housing.
According to new data published by Pew Research Center, there is an affordable housing crisis in the United States.
Forty-nine percent of Americans reported that finding affordable housing is a significant problem in their local community.
And a whopping seventy percent believe that young adults today face greater home-buying obstacles than older generations.
A major factor contributing to the affordability crisis is lackluster salary increases compared to the cost of living.
Additionally, there is a house-supply shortage following a period of low home construction rates.
Finally, the pandemic led many to retreat from highly-populated and predominantly rental areas in pursuit of purchasing suburban homes.
This home-purchasing rush resulted in all-time-low mortgage interest rates.
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