Real Estate Bubbles And The Dream Of Owning Your Own Home
The rising costs of housing continue to fuel a housing affordability issue in many different cities.
Still, the problem persists and many cities are quickly seeing an increasing number of individuals being priced out of the market.
In Las Vegas for example, they're currently dealing with a crisis level shortage of affordable housing units and they aren't the only region where it's suggested that many people are struggling to find something to meet their needs.
According to a report from the National Low Income Housing Coalition it's suggested that Nevada ranks at the top for having the worst affordability availability in the country for low-income individuals.
Even for those individuals who are successfully educated and making almost $100k per year, collectively $200-300k per year with their partner, they're still finding it difficult to obtain a loan and afford a home in many areas.
In San Francisco for example, it's estimated that an income of roughly $72k per year could afford less than 1 percent of the homes listed on the market.
The annual income needed to buy a house in San Francisco is reportedly somewhere close to $300,000