Comment on Young homebuyers scramble as prices rise faster than incomes

Young homebuyers scramble as prices rise faster than incomes

Young homebuyers scramble as prices rise faster than incomes

SALT LAKE CITY (AP) — For millennials looking to buy their first home, the hunt feels like a race against the clock. In the seven years since the housing crash ended, home values in 78% of U.S. metro areas have climbed faster than incomes, according to an Associated Press analysis of real estate industry data provided by CoreLogic. The gap is driving some first-timers out of the most expensive cities as well as pressuring them to buy before they are priced out of the market. Nationally, home prices since 2000 have climbed at an annual average rate of 3.8%, while average incomes have grown at 2.7%. The gap is pronounced in places such as Salt Lake City, where many tech workers are migrating to and a disproportionate share of millennials own homes. Read more on NewsOK.com

 

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