Real Estate Media: Identifying Affordability in A Turbulent Housing Market
The U.S. housing market is experiencing turbulence and house prices are continuing to soar.
The median house price at the beginning of the COVID-19 pandemic was $280,000 and homebuyers took advantage of exceptionally low mortgage rates below 3%. Today, mortgage rates are around 6% and the median price has increased to $425,000 – a 51.7% increase. Some have described it as a bubble which will burst, while others predict that lower interest rates will give buyers ‘more room to move’.
Recent reports from Redfin show that nearly a quarter of prospective first-time buyers are holding off purchasing until after the upcoming U.S election – a further element contributing to the wider market uncertainty.
This comes as the Washington Post reports that America’s housing affordability crisis is weighing heavily on undecided voters in specific areas, such as Wilmington, North Carolina. Polls are predicting a tight race between Vice President Kamala Harris and former Republican President Donald Trump, which is only adding to this unease.
However, despite this ongoing uncertainty in the U.S. real estate market, there is a glimmer of hope for potential buyers, as housing experts are beginning to recommend specific locations where the prices aren’t so unrealistic.
Finding cities which represent good value can seem an impossible task amid the negativity reported by mainstream media. However, outlets such as CNBC and Realtor.com have begun to suggest affordable U.S. cities where houses can be purchased for ‘under $300,000’ - providing much needed options for buyers.
According to CNBC and Realtor.com, the most affordable homes can be found in Pittsburgh, Pennsylvania, which possess a median list price of just $245,000. Ralph McLaughlin, senior economist at Realtor.com, told CNBC that despite the pattern of high house prices, buyers should not think it is chaos everywhere. He continued to say there are ‘isolated pockets’ which remain ‘relatively affordable on a national perspective’.
Affordable homes can also reportedly be found in Detroit, Michigan ($277,000); Buffalo and Rochester, New York ($277,450 and $282,000 respectively); St. Louis, Missouri ($299,900). McLaughlin said these areas have seen a ‘downward trend in job and population growth’ which puts ‘downward pressure on prices’, which in turn causes median list prices to rise at a slower rate than in the rest of the country.
TV shows such as American Dream TV are also shining a light on these hidden gems, helping to stimulate economic growth in local markets. The show was created by Craig Sewing, a media entrepreneur and TV personality, who has helped American Dream TV amass an impressive 20 million monthly views.
The show has recently highlighted the appeals of Rochester, New York, with hosts Heidi Rotter and Christopher Thomas. The episode featured Guptill’s Arena, the world’s largest indoor roller-skating arena, which has been family owned for 74 years. By showcasing community-oriented, affordable locations like this, American Dream TV empowers buyers to make informed decisions.
American Dream TV narrates inspiring stories, through a group of elite real estate professionals from across the country, including in places such as Pittsburgh, Houston, and New York. The show’s aim is to educate and empower people from all walks of life on major TV channels such as Prime Video, Bloomberg Television, and Roku.
By illustrating in depth stories about the communities of local real estate markets, American Dream TV helps viewers understand the culture and opportunities each city has to offer, rather than just focusing on popular markets. This directly empowers its audience to make the most informed real estate decisions about where to find affordable properties.
It’s promising to see innovative new ways of highlighting affordable homes at times of market turbulence because they provide much-needed pockets of hope. While articles highlighting the top five housing markets are a promising starting point for those in search of a new home, real estate media such as American Dream TV is also doing an excellent job at promoting what matters most: community spirit.