The continuous increase in the price of housing in the country has long become a burden to the American middle class, making them incapable of affording their own home.
According to The Daily Beast, the increasing cost of housing, although causing much of the middle class' financial and inequality problems, is almost being overlooked as a political concern. What is ironic about this situation is that in this year's election, dampened opportunities for the middle class is almost certain to become the central issue of political campaigns.
Housing costs have never really slowed down the past few years. Last year, the prices increased yet again. This is why although the cost of energy has decreased, many citizens were still not able to save because the expected savings went to the budget for buying homes.
The worse news is Zillow has predicted that this year, the price of housing will increase further. The site mentioned that citizens with the least annual income will not be able to buy even the cheapest priced homes. Income could not increase as fast as housing prices do.
So what is the trend going to be like? With the ridiculous cost of properties, a lot of the middle class who are looking to buy a home will not be able to find one in blue areas, Zillow said. If they could not relocate their work, they will be forced to rent instead of purchasing a house.
For middle-class Americans with families, the home listing site revealed that they will move to the suburbs to be able to pay for a home and at the same time afford sending their children to school. Because the costs of houses are too high, even the average age of first-time buyers will be older than usual this year, unfortunately.
However, the price of for sale houses are not the only thing that will increase. Americans should also expect that cost of home rentals will soar this year as well.
