Middle class housing crisis amid soaring debt levels

Dated: March 20 2024

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Debt is holding down American families

Households feeling strangled by debt hit headlines this week, but it's a daily truth and not news to a majority of our friends and neighbors.

American debt stings like never before for new era for households - Bloomberg.com

"After years of managing household budgets through the stress of the worst inflation in a generation, US families are increasingly pressured by a different kind of financial squeeze: The cost of carrying debt.

Two years after the Federal Reserve began hiking interest rates to tame prices, delinquency rates on credit cards and auto loans are the highest in more than a decade. For the first time on record, interest payments on those and other non-mortgage debts are as big a financial burden for US households as mortgage interest payments."

Buying a home for many seems more impossible than ever. Yet rents are escalating.

Low Inventory and Affordability Crisis

As if high interest rates and rising debts weren't enough of a challenge, low inventory in the housing market has supported higher values despite the lack of affordability and fewer showings and sales. Read more;

What are some solutions?

One way to 'create inventory' is to find a desirable lot in a well managed mobile home community, custom order your new home and place it there.

It may seem like an 'out of the box' idea but trust me, there's some gorgeous homes and communities in Central PA that offer quality living at an affordable price.

Even with a loan on a brand new 3 bd / 2 ba home and lot rent, monthly overhead is much lower than a 1-2 bd apartment rental.

Resale mobile homes are an additional option. Its not new inventory but opening up the possibility of manufactured home living can be a very positive solution. Check out this 3 bd / 1 ba home for under $50K;

There are many options, even in a challenging market. Let's talk!

Susanna Kunkel, Realtor
eXp Realty, LLC

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Susanna Kunkel

Susanna provides executive level service to all her clients based on her years in corporate CEO offices. Creative marketing, global networking and local expertise. Her unique mix of business savvy and....

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