Is Affordable Housing a Thing of the Past?
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 20 December 2024
⏱️ 56 minutes
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Summary
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Transcript
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| 0:00.0 | So the Washington Post had an interesting article about housing this past week. |
| 0:08.6 | Yeah, I saw that. It's really nuts how people can't afford houses anymore. |
| 0:15.1 | Yeah, I mean, it's completely become, well, you know, it's interesting because it's like people that don't own houses can't afford houses anymore. |
| 0:22.1 | But those people that already owned a house before, you know, all the property price increases, you know, they're, they're benefiting from that because they can either downsize or maybe they can sell their home even buy something a little bit bigger because they have that additional equity. |
| 0:36.5 | They were in the game. |
| 0:37.8 | Yep, they were. |
| 0:38.8 | And of course, they have the equity now, too, right? |
| 0:41.3 | Yeah. |
| 0:41.5 | So we've got housing prices are up and interest rates are up. |
| 0:45.4 | So even though, however, they've been technically down a little bit. |
| 0:49.6 | The fed's cut it a little bit. |
| 0:50.8 | But I don't think it's been that meaningful because it's still really out of |
| 0:54.8 | the price point for most people. I mean, I think that article said that the average home buyer |
| 1:02.4 | for a primary residence was in their 50s. Yeah, 56. So up from, so in 2020, when this all kind of |
| 1:09.0 | started, the average age of a home buyer was uh primary was a |
| 1:12.7 | 47 yeah but now it's up to 56 so that just shows that basically to me what it shows is it shows that |
| 1:19.1 | anybody under those ages aren't moving because they're locked into low rates or they just can't |
| 1:24.0 | afford to buy a house and those that are kind of downsizing are the ones buying a house. |
| 1:28.1 | So let's put that in perspective, though, if in 2020, let's just call it pandemic, right? |
| 1:34.8 | And it was 47. |
| 1:36.9 | And in 2024, it's 56. |
| 1:38.7 | So that means it went up 10 years and four years. |
... |
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