(AURN News) — Proof that homeownership has become an even more distant dream for millions of Americans comes from a new report by Morgan Stanley.
The report found that a return to the housing affordability levels many Americans enjoyed before 2022 is unlikely.
It also found that buyers purchasing a median-priced home today can expect to pay roughly $2,000 per month, nearly double what they would have paid five years ago.
“The market is not broken, but it is resetting to a more constrained equilibrium,” Morgan Stanley Senior Economist and Strategist Sarah Wolfe wrote.
For millions of Americans hoping to buy a home, the report suggests that waiting for prices to return to previous levels may not be realistic.
“For aspiring homebuyers, waiting on the sidelines for prices to revert to the affordability of the two decades before 2022 may prove to be the wrong strategy,” Wolfe wrote.
The report adds to growing concerns that homeownership continues to slip out of reach for many working- and middle-class Americans.
Click play to listen to the AURN News report from Jamie Jackson:
