SitemapDespite a surge in new home construction, the US housing shortage rages on and it's hitting middle-income Americans the hardest. Indeed, the real estate market is short of more than 300,000 home listings valued up to $256,000, the affordable price range for households earning a maximum of $75,000, according to an analysis from the National Association of Realtors and Realtor.com. But there's some good news, at least in the data: There are still a few US metros where affordable homes remain available to middle-income buyers.
According to the NAR and Realtor.com analysis, among the 100 largest US metros, three areas from Ohio: Youngstown, Akron, and Toledo have the most affordable homes available for middle-income buyers. In Youngstown, buyers earning at least $75,000 can afford to purchase 72% of listings, while those in Akron and Toledo can afford to buy 61%, the data show. In El Paso, Texas; Boise, Idaho; and Spokane, Washington — the areas with the fewest homes priced up to $256,000 — middle income buyers can afford less than 20% of listings. Nationwide, the percentage isn't much better.
The crux of the issue is that the real estate market is still suffering an extreme lack of available inventory after the homebuying bonanza of 2020 and 2021, and now also because homeowners don't want to sell and give up ultra low mortgage payments. hile the NAR and Realtor.com found pockets that offer more for homebuyers, those Ohio designations are coming at a surprise to local housing experts.
Ian Beniston, who has been the executive director of the Youngstown Neighborhood Development Corporation for 14-years, said while there may be more affordable homes in the Youngstown area, it certainly does not feel that way.
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