The average price is not accessible. The problems that block real estate
According to surveys carried out by ATTOM, most buyers are experiencing considerable difficulties in accessing the real estate market. But what are the main obstacles encountered when real estate is about to begin? And above all, where does this problem make itself felt most?
We begin to answer the second question, and we know that it will leave you speechless. America is the continent where, unfortunately, this scourge is plaguing many potential investors.
The average price of a property in the United States far exceeds the average salary of over 480,353 counties (in percentage terms).
Among the largest and most populated we remember Los Angeles County, California; Cook County (Chicago), Illinois; Maricopa County (Phoenix), Arizona; San Diego County, California; and Orange County, California. While as for the areas that were still within reach of many future owners in early 2019, we cannot forget Harris County (Houston), Texas; Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; Cuyahoga County (Cleveland), Ohio; and Franklin County (Columbus), Ohio.
We say that the market is not extremely saturated, but it is easy to understand how, undoubtedly, it is difficult for those who want to get into the real estate business, find valid opportunities and compare them with as many, even belonging to distant areas.
The statistical survey was mainly based on the amount of income required by virtue of the monthly payments deriving from the management of a property (without forgetting the question of "rent"). Mortgages, property taxes, insurance, and operating expenses reach a maximum percentage level of 28% and, despite the drop in prices in most of the most popular areas is more than evident, the situation seems to be really critical, especially for the younger ones who, wanting to start investing more consistently in the market real estate, find themselves without adequate financial resources.
About 68% of the markets, in fact, require 30% of the salary to allow the individual buyer to win a property. Of the 480 counties to analyze, there are as many as 323 that require such a large amount of capital. In detail we report the most relevant percentages:
California (116.8%);
Kings County, New York (113.4%);
Santa Cruz County, California (112.3%);
San Luis Obispo County, California (91.4%);
Maui County, Hawaii (88.2%)
Nevertheless, 39% of the markets are still cheaper than the same historical averages, so evident in the counties of Cook County (Chicago), Illinois; and New York County, Suffolk County, the Bronx and Nassau County - all in the New York metropolitan area.
But the situation is not homogeneous in all the States. A total of 393 of the 480 counties analyzed in the report (we are talking about 82%) a year-over-year increase in the accessibility index, which means that house prices were cheaper than a year ago! A small white fly that bodes well. Therefore, investors from all over the world, do not despair! The solution could be just around the corner!
We begin to answer the second question, and we know that it will leave you speechless. America is the continent where, unfortunately, this scourge is plaguing many potential investors.
The average price of a property in the United States far exceeds the average salary of over 480,353 counties (in percentage terms).
Among the largest and most populated we remember Los Angeles County, California; Cook County (Chicago), Illinois; Maricopa County (Phoenix), Arizona; San Diego County, California; and Orange County, California. While as for the areas that were still within reach of many future owners in early 2019, we cannot forget Harris County (Houston), Texas; Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; Cuyahoga County (Cleveland), Ohio; and Franklin County (Columbus), Ohio.
We say that the market is not extremely saturated, but it is easy to understand how, undoubtedly, it is difficult for those who want to get into the real estate business, find valid opportunities and compare them with as many, even belonging to distant areas.
The statistical survey was mainly based on the amount of income required by virtue of the monthly payments deriving from the management of a property (without forgetting the question of "rent"). Mortgages, property taxes, insurance, and operating expenses reach a maximum percentage level of 28% and, despite the drop in prices in most of the most popular areas is more than evident, the situation seems to be really critical, especially for the younger ones who, wanting to start investing more consistently in the market real estate, find themselves without adequate financial resources.
About 68% of the markets, in fact, require 30% of the salary to allow the individual buyer to win a property. Of the 480 counties to analyze, there are as many as 323 that require such a large amount of capital. In detail we report the most relevant percentages:
California (116.8%);
Kings County, New York (113.4%);
Santa Cruz County, California (112.3%);
San Luis Obispo County, California (91.4%);
Maui County, Hawaii (88.2%)
Nevertheless, 39% of the markets are still cheaper than the same historical averages, so evident in the counties of Cook County (Chicago), Illinois; and New York County, Suffolk County, the Bronx and Nassau County - all in the New York metropolitan area.
But the situation is not homogeneous in all the States. A total of 393 of the 480 counties analyzed in the report (we are talking about 82%) a year-over-year increase in the accessibility index, which means that house prices were cheaper than a year ago! A small white fly that bodes well. Therefore, investors from all over the world, do not despair! The solution could be just around the corner!
