Looking To Buy A Home? BAD News
Here is what happened…
If you were planning to buy a home in a near future, we may have some bad news for you.
Goldman Sachs economists are now predicting that home prices will continue to grow up to 16% more until the end of next year.
According to Yahoo Finance, “Our model now projects that home prices will grow a further 16% by the end of 2022,” the Goldman Sachs team wrote.
“Of all the shortages afflicting the U.S. economy, the housing shortage might last the longest,” they added.
Furthermore, Yahoo noted current home prices are up around 20% year-over-year. Several things including low interest rates, migration due to the pandemic, and millennials looking to buy their first home have all contributed to the extreme rise in housing prices.
In the last year, rents are up 12%. Home prices are up 23%.
It’s not the 25-cent burger price increases that are killing people. It’s that 40% of their income is now going to a private equity landlord and they have no shot at saving up for a house to build wealth.
— Dan Price (@DanPriceSeattle) October 6, 2021
