NAR’s latest study on housing wealth effect in 2010-2020:
Housing prices increased on average 8.3% in the last 10 years,
Almost doubles the average. 4.3% in the last 30 years.
With the high price, homeownership drops.
The North loses most middle-income households*.
They move to the south, where the price is more affordable.
The total housing wealth increased by $8.2 trillion in the last 10 years.
With $5.8 trillion or 71% of the wealth, growth went to high-income households.
*NAR defines middle-income households as those with 80%-200% of median income in the local market.
Source:
National Association of Realtors® – Housing Wealth Gains for the Rising Middle-Class Markets, March 2022.
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