'The housing affordability issues would not be so severe if homes were dispersed in a more adequate match for the distribution of households by income level,' an expert said.
The housing shortage is hitting middle-income homebuyers hardest.
The disparity is an important consideration when policymakers, homebuilders, and real estate professionals debate ways to address the national housing shortage, so certain families aren’t left empty-handed or forced to buy a home outside their budget. "If you need to abruptly or urgently move right now, it's going to be very expensive and very hard to figure out," Smith- Ramani said.
"The question then is, is there a profit business model for the middle of the country?” Smith- Ramani said. "Probably not, if we're not seeing people do it." "The interest rate increase right now also means that people that could afford higher than $250,000 houses no longer can because their mortgage is more expensive to them," Smith- Ramani said. "So you have higher-income folks eating up lower-cost housing."Middle-income families in expensive cities see a similar unaffordable trend as the rest of the nation; the only difference is that middle-income is higher in these locales — around $100,000 to $150,000 in annual earnings.
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