So, You Want to Buy a Home In This Market? Think Again.

The Epoch Times Header

Understanding the forces driving the perfect storm in the real estate market.

Christine Egan, a massage therapist living in Putnam County, New York, has been eagerly searching for a house for almost two years now. She and her 16-year-old daughter, Isabel, have been renting a townhouse in a suburban community located more than an hour north of New York City.

Ms. Egan describes the entire process as extremely frustrating. โ€œThe biggest problems are finding homes in my price range, and then when I do, being outbid by someone else,โ€ she told The Epoch Times. In this region, houses in the $350,000 to $400,000 range are few and far between, and many of them require a tremendous amount of work.

โ€œI canโ€™t believe that these homes are selling for that much money and still need major renovations. After making the down payment, I’ll have no money left to fix things,โ€ Ms. Egan said.

What sheโ€™s looking for ordinarily wouldn’t be that difficult to find: a ranch-style home with three small bedrooms and a little yard.

โ€œI want to stay in the same area, but Iโ€™m now faced with homes priced at $500,000 or more if I want something that doesnโ€™t need serious work,โ€ Ms. Egan said. โ€œTheyโ€™re beautiful homes, but I just canโ€™t afford them.โ€

She said that some of the homes sheโ€™s seen in her price range need new kitchens, bathrooms, appliances, major plumbing, or electrical work. Mortgage rates, now at about 7.5 percent, are also hampering what she can afford.

โ€œThe only good thing is that Iโ€™m not in a rush to move, so I can play the waiting game,โ€ Ms. Egan said. โ€œI donโ€™t need anything big, as my daughter will probably be going to college in a couple of years. I just want to find something I love that needs just a few cosmetic upgrades.โ€

For now, she wants to remain in suburban New York to be close to family and friends. Her situation isn’t unlike many in this country.

The National Housing Conference, a Washington-based coalition of U.S. affordable housing leaders, warns that there’s an escalating housing affordability crisis in the United States.

Byย Mary Prenon

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Columns

Why Fishermen Are Catching Fewer Lobsters in Maine

For veteran lobsterman Travis Dammier, it was the end of another trip at sea on a solo voyage to earn a living.

Viewers like you

There is no constitutional authority for any spending on public broadcasting โ€“ period. Any questions: See Article 1, Section 8 of the U.S. Constitution.

Beyond the Trump-Musk fallout?

We are witnessing an unprecedented, unhinged Democrat effort to use lawfare, big Democrat donors, street theater, congressional disruptions, potty-mouth videos, the administrative state, the legacy media, and discredited pollsters to stop the Trump agenda.

Trans-wormal

No worm ever said "I am anthropomorphizing, I am a butterfly" to a toad or flock of geese and expected acknowledgement and support.

In Greenlandโ€™s Icy Capital, Past Troubles Haunt Hopes for the Future

As geopolitical realities and ongoing economic growth raise the stakes, U.S. interest in Greenland and the dream of independence may change things in a big way.

News

Why Drug Price Reform Alone Wonโ€™t Heal America

What happens when medications become too cheap, plentiful, and automatic and we donโ€™t reform how drugs are used? We risk clinical harm.

Trump Says Musk Will Face โ€˜Very Serious Consequencesโ€™ If He Backs Democrats

President Trump warned that Musk could face โ€œserious consequencesโ€ if he decides to back Democratic political candidates in upcoming elections.

Judge Declines to Block Trump Admin From Dismantling Library Services Agency

A federal judge cleared the way for the Trump admin to move forward with plan to dismantle the federal agency that funds libraries nationwide.

Supreme Court to Review Alabamaโ€™s Death Row Case Concerning IQ Test

The Supreme Court will consider how courts should weigh multiple IQ tests when assessing a death row defendantโ€™s claim of intellectual disability.

US Travel Ban Will Not Hinder Los Angeles Olympics, LA28 CEO Says

Trumpโ€™s directive banning citizens from 12 countries from entering US exempts athletes. Officials confident Games have full backing of administration.

Musk Mulls New Political Party Amid Feud With Trump

Elon Musk is considering launching a new political party in wake of his public fallout with President Trump over a major Republican tax and spending bill.

Citigroup Reverses Course on Controversial Firearm Policies

Citigroup reversed its policy requiring retail business clients to refrain from selling firearms to those who havenโ€™t passed background checks.

AI Is Taking Thousands of Jobs; Is Yours at Risk?

Just as the internet radically changed how America conducts business, AI is also making waves in the workplace by taking thousands of jobs.
spot_img

Related Articles