| September 22, 2016

Are You Being Priced Out of Homeownership?

The news hasn’t been good, but that may be changing.

It’s a question that gets many aspiring homeowners perspiring: How can mortgage rates be so low while home prices are so high?

According to the federal government, homeownership peaked at 70 percent in the first quarter of 2005 and has since plummeted to the low 60s. Predicts the National Mortgage News

“The rate of homeownership is likely to continue to decline further into the mid-to-low 50s as changes in demographic trends, increased regulation and stagnant real incomes all work to make the dream of homeownership more difficult to achieve.”

Now, however, one new study is questioning that common wisdom. On the last day of August, a real estate company called Redfin crunched some numbers and declared, “Across 40 large U.S. cities, 55 percent of homes for sale last month were both affordable and big enough (two to four bedrooms) for a working class household.”

Of course, some of those cities aren’t exactly tourist destinations, with Detroit and Cleveland leading the way in housing affordability. It’s also no surprise that San Francisco was the least affordable city, with only 3 percent of its homes available to working class homebuyers.

“It’s tough to find affordable homes for sale in the neighborhoods where people with higher incomes tend to live,” Redfin analyst Eric Scharnhorst says. “It’s like looking for a needle in a haystack. Neighborhoods with a healthy mix of incomes and home types cover just 13 percent of our cities.”

And that’s really the problem, Scharnhorst says.

“The solution is a mix of inventory with homes for people of all incomes, even in the same neighborhood,” he says. “It’s about more than just affordability. We’ve found that when people of various incomes live in the same neighborhood, everyone benefits.”

Until city governments, urban planners, and private developers figure that out, what can you do if you’re looking for a reasonably priced family home? Consolidated Credit offers homebuyer education and counseling, and best of all, it’s free. You can also call 1-800-435-2261 to speak with a HUD-certified housing counselor today.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

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