As turmoil continues under the Joe Biden administration, including the baby formula shortage, a war in Ukraine, and a crisis on the U.S. southern border, the uncertainty is also affecting those in the market for buying a home.
A report in Bloomberg described the housing situation as “leaving buyers in tears.”
With prices high and inventory tight, 50 percent of homebuyers said they cried at least once during the process of purchasing a house, with the stress on par with planning a wedding or being fired, according to a survey from Zillow.
It’s particularly bad for younger Americans, many of whom are trying to crack into the real estate market for the first time. More than 65 percent of Gen Z buyers said they were brought to tears by their “home-buying journey.”
Buying a home has never been easy. But the US housing market has been running hot for two years, with demand for properties surging during the early days of the pandemic. Prices have soared and with a limited number of homes available it’s been very difficult to find affordable houses.- READ MORE