In 2021, housing across the United States was more expensive in highly desirable neighborhoods than it was in low-opportunity communities, according to a recent report from Redfin. The report found that, in 2021, the typical home purchased in a high-opportunity area cost $470,000, which was $130,000 more than the typical home purchased in a low-opportunity area.
These findings demonstrate the massive disparities between communities of different levels of opportunity across the U.S. The rising costs of housing in high-opportunity locations have been part of a broader trend in which the gap between expensive and lower-priced neighborhoods has been steadily widening. Low-income and middle-class families without the resources to keep up with these cost increases have been particularly hard-hit by this trend.
This phenomenon can have serious consequences for access to homeownership and, therefore, the health of the U.S. economy. Key bullet points:
• In 2021, the typical home purchased in a high-opportunity area cost $470,000, which was $130,000 more than the typical home purchased in a low-opportunity area
• Rising costs of housing in high-opportunity locations has led to a growing gap between expensive and lower-priced neighborhoods
• Low-income and middle-class families have been especially affected by this trend, with serious implications for access to homeownership and the economy
You can read this full article at: https://www.housingwire.com/articles/its-harder-than-ever-for-low-income-families-to-buy-in-high-opportunity-neighborhoods/(subscription required)
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