Housing affordability is a key concern today. Both new construction and resale homes are getting priced further and further out of reach for new buyers. And, at the same time, the amount that buyers feel like they could spend on a new home is shrinking.
By learning how consumers are valuing affordability and considering more than just first cost, you can help them meet monthly payments and have a successful homeownership experience.
“Housing solutions that will meet buyers' affordability needs include lower priced multifamily offerings, homes in less expensive tertiary and rural markets, and existing homes,” says Ron Jones, co-founder and president at Green Builder Media. “There are some communities that are paying people to relocate there, especially rural communities and communities wanting revival.”
While these solutions could fit some, there need to be a variety of choices for home buyers with different styles, locations and price points to solve for the housing affordability challenges that exist today.
COGNITION Smart Data recently published an affordability report that highlights some of the ways that buyers are willing to change and/or sacrifice to get into a home that they can afford.
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