Recently, my city of Asheville was listed in a Yahoo Finance article about the 10 cities where ordinary people can no longer afford homes. There are major changes in the real estate market, especially considering that just a few short years ago individual home owners weren’t able to sell their homes without taking a loss or needing to consider a short sale. It just goes to show how quickly things change.
While the article talks about the increasing mortgage rates across the United States it doesn’t seem to indicate the other factors that make these particular cities less affordable. Could it be pay inequality or the higher cost of living? In any case, it may be time to reconsider the way American’s buy homes in the first place.
I have a radical idea for individuals who want to buy homes in these areas: Community Living.