Housing affordability remains a critical challenge in today’s real estate market, especially for first-time buyers. But how can you ensure you’re finding the most affordable home? Which regions should you consider Kinloch Partners Co-founder and CEO Bruce McNeilage joins Wealth! to share his insights on affordable housing markets.
McNeilage highlights the Southeast and Midwest as prime regions for affordable homes. He notes that in these areas, spacious 4 to 5-bedroom houses can be purchased for under $300,000, adding that "they’re plentiful, there’s not a shortage of them." The key factors contributing to affordability in these regions, according to McNeilage, are lower land and labor costs, which "adds up to an affordable house.
Despite these pockets of affordability, McNeilage predicts a nationwide increase in home prices due to ongoing market pressures. "The demand is there and the supply is there, it’s just getting people approved for a mortgage. Some of the builders are doing a great job buying down those rates to 5%, but we need affordable mortgages," he explains.
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