Right now, it is difficult for people to purchase a house. Prices are very high, inventory remains at record low levels, and this is contributing to bidding wars.
The current housing demand is unparalleled and because of this demand, home prices are skyrocketing. Nonetheless, people continue to shop for homes. Low-interest rates and high demand combined with supply chain issues are stunting the homebuilding industry, creating a perfect storm for an unprecedented housing market. In addition, there are many millennials who are looking for homes right now as well. Why is this the case?
Although the majority of the Generation Z population make $25,000 or less per year, they really have embraced the American Dream of home ownership.