The housing market is now aggressively out of reach for first-time home buyers. Nearly sixty percent of homes for sale are unaffordable to the average American. What’s causing such a lack of affordability? High mortgage rates, meager supply, and baby boomers refusing to sell their single-family homes (seriously). These factors have created a housing market where “forced renter households” will become the norm…but not for long.

According to Matthew Gardner, Chief Economist at Windermere Real Estate, there’s at least some hope on the horizon. Mathew knows the solution to this almost unfathomable unaffordability issue, and it’s much simpler than most people think. In this episode, he talks about the primary driver of high home prices, the factors causing so many Americans to rent, and why we can’t repair this market using the same housing market “incentives” that worked in the past.

And, as someone who works regularly with large-scale investors, Mathew has some advice for those still trying to invest in a market where profits seem improbable. When will mortgage rates head down? How long will unaffordability last? And what’s the solution Matthew thinks will solve it all? We’ll get into all that in this episode!

In This Episode We Cover:

The SINGLE factor that’s causing so much unaffordability in the housing market

Home price updates and a surprising statistic about homes for sale 

Mortgage rate predictions and whether or not we’ll see them fall next year

“Forced renter household” formation and whether America will become a renter nation

Crucial advice for ANYONE who’s buying real estate in 2023 (and if you should wait)

And So Much More!

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Housing is Unaffordable, But Could It Actually Get Worse?

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Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-145

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