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High Rates and Prices Leave Many Stuck in a Starter Home
(www.nytimes.com)
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this post was submitted on 03 Jun 2024
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I specifically included individual home owners who sit on their properties to rent instead.
If we're talking about retired couples downsizing into starters and established families not up-sizing as a part of the larger market dynamics, then homeowners hording their starter home are just as much of a problem.
Investment groups are a much larger problem for sure, but even the smaller players contribute to the larger market trends.
Depends on the market / part of the country through. Hoarding a starter home can be hard to pull off in a lot of markets. Many people usually need to sell the first house in order to cobble fun the 20% down on a larger, more expensive, home.
But young professionals who have stayed in their starter for more than 6 or 7 years typically have far more expendable income than when they first signed their mortgage, and can afford to save enough to put down 10 or 20 percent on a newer house (typically further out where the cost/sf is lower) without having to use the proceeds of a sale