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The Rise of the Forever Renter Class
On those who are unable or unwilling to buy a house in 2024 and what to do about it.
As Redfin recently reported, “The median U.S. home-sale price hit a record $383,725 during the four weeks ending April 21, up 5.2% from a year earlier.” While the numbers vary by location, I ran an analysis a few weeks ago that suggests that renting has the upper hand in many high cost cities. Maybe they start by saving for a larger downpayment, but if rates drop to a more suitable level sooner, then they pull the trigger and buy a house.
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