Housing prices are still continuing to rise thus making it harder for aspiring home owners to purchase their own property. As interest rates rise, so do home prices.
According to cnbc.com, Trulia, a real estate site, made an analysis regarding home ownership cost. Their analysis revealed that most prospect home buyers are getting "priced out" as acquiring a home can take up most of their paychecks.
Affordable housing programs are only focused on the house itself i.e. mortgage, insurance and taxes but home owners have other necessities that they have to provide for like food, monthly utility bills, transportation fees going to work, etc. If everything are taken into account, there's a huge difference as to what the home owners can afford.
Trulia economist, Ralph MacLaughlin, said "When we took these two non- housing, essential costs into account, we found that some of the most affordable markets don't look that cheap anymore."
Many activist groups are taking a step in launching protests and programs to make housing more affordable.
San Francisco has the highest home prices across the country and its local groups are crying for consideration.
According to inquisitr.com, a lawsuit against Lafayette city has been rumored to be filed by the housing group San Francisco Bay Area Renters Federation to counter the city's new projects of building luxury and gated community which in turn can add to the housing crisis in the area.
The city's new project will produce 44 single- family- homes with the prices of $1.2million each instead of 314 units for moderate- income families with $2,100 monthly fee. If the project pushed through, there will be fewer residents in the area as many will not be able to afford any of the units.
The housing group, San Francisco Bay Area Renters Federation, named their campaign "Sue the Suburbs" and expects that the lawsuit against the city will push through.
What can you say about the continued home price increase? Would you support San Francisco Bay Area Renters Federation's "Sue the Suburbs"? Share it in the comments!
