Twenty-five percent of NAR members cited housing affordability as the biggest hurdle for potential homebuyers—topping the long-standing concerns about inventory and property availability.
HGAR’s Hawkins-Syska told the gathering that the raising of the SALT Cap to $40,000 “is a big win for our communities.
This deepening crisis means that without interventions aimed at significantly ramping up affordable housing supply, the city's affordability gap could linger for generations.
While many potential buyers believe they need a down payment of 20% for their first home purchase, the typical down payment for first-time buyers has ranged from 6% to 9%, dating back to 2018.
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