“I think interestingly, a lot of these homes will need a ton of work. And so what does that really mean for the remodeling sector when that time comes? Because sure – they’re desirable areas, but they haven’t been upgraded,” she said.
“And sometimes they’ll need to do that to be desirable for a potential buyer. And so just thinking of a long-term horizon, I think we’ll start to see those trends play out starting in the late 2020s but to really pick up speed in the 2030s as the bulk of the baby boomers age into their eighties.”
Affordability woes remain pronounced for many Americans
For now, there seems little end in sight to the affordability issues that have been challenging Americans. A recent Redfin analysis showed an average of $114,000 is needed to afford a typical home in the US – an amount that’s 35% more than the average household makes.
Still, some cause for optimism: that figure has actually declined in recent months, down from $121,000 in October (51% more than the US’s median household income).
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Source: mpamag.com