Home Affordability Has Been Destroyed And It Is A Major Problem
To investors, Housing affordability has hit the lowest point since 2007 according to a recent article in Bloomberg. Prashant Gopal writes:
This coverage is timely because I published an interview with ResiClub’s Lance Lambert yesterday breaking down the four main contributors to the explosion in a lack of affordability. According to Lance, here are the four major drivers:
You can sign up for Lance’s daily analysis for free here: https://www.resiclubanalytics.com/ These inputs are important to watch because they will determine if housing affordability will get better or worse in the coming months. Why does housing affordability matter to this audience? Other than it directly impacting home prices for you too, home affordability is likely one of the largest inputs to financial nihilism — the feeling many Americans have where they will never be able to get ahead. This loss of hope drives higher degrees of gambling and risk-taking. It contributes to a lack of interest in seeing your local community thrive. It is hard to be productive when you can’t see a bright future ahead. The American Dream was built on the idea that anyone could build a life of health, wealth, and happiness. You could come from any location, speak any language, pray to any higher power, and you would be able to create a living for yourself and own a home for your family. There are millions of Americans who are wondering what happened to that dream. An easy way for us to avoid the American Dream turning into the American Nightmare is to work across the economy to bring home affordability back to attractive levels. We must build more housing. We must use technology to lower home repair costs. We must leverage a free market interest rate to return the cost of capital to sane levels. And we must educate individuals on the various opportunities and strategies for them to get on the path to home ownership. It is not easy to turn around a situation like this, but it is possible. And if there is one thing we have learned over the last few decades — never bet against America. Hope you all have a great day. I will not be writing for the next two days due to 4th of July in the US. I will talk to everyone on Monday. -Anthony Pompliano Lance Lambert is the Co-Founder & Editor-in-Chief at ResiClub. He is also the former Real Estate Editor at Fortune Magazine, and is the foremost expert in residential real estate. In this conversation, we talk about the 4 reasons why houses are so expensive, as it is the most unaffordable housing market we have had in history. This is a major crisis for the US economy, and people need to understand what it will take to get us out of this. Listen on iTunes: Click here Listen on Spotify: Click here Podcast Sponsors
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