Can’t Afford the Home You Could a Year Ago? Don’t Worry, Here’s What To Do
By Meera Pal
Sep 7, 2022
Are you a prospective homebuyer who started saving for a home last year—only to find that with this year’s financial instability, a home seems impossible to afford?
We hear you.
“Buyers have reached the limit of their financial ability to handle the impact of high inflation, house prices, and interest rates,” says George Ratiu, manager of economic research at Realtor.com®.
But while it’s true that buying a home has gotten decidedly pricier, there is good news glimmering on the horizon. While the median list price for a home is still a staggering $435,000, prices dropped for the first time in six years in August—by $15,000.
And in July, the national inventory of active listings increased by 30.7%, a record-high growth rate. As a result, the housing market may be headed toward a state of balance not seen since the COVID-19 pandemic led to a full-blown seller’s market.
So before you give up on owning a home and walk away from the housing market, we have advice on how you can still buy a house.