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Photo credit: Flickr/bill lapp
There aren’t enough entry-level homes to go around for first time homebuyers, forcing many who want to buy to rent instead—and rent keeps going up.
Trulia’s chief economist wrote Monday that the number of starter homes on the market has declined 43.6% over the last four years, keeping would-be homebuyers renting.
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Photo credit: Flickr/David Amsler
To make matters worse, homeowners who want to upgrade are also stuck—the number of trade-up houses on the market is down 40% in the same period, Business Insider reports.
And mortgage lenders are still wary to extend credit to less-than-superb borrowers, leaving many aging Millennials yearning to buy a home and move to the suburbs but stuck paying rent in the city. [BI]
