The widening gap between the rich and the poor has made it difficult for low- and middle-income families to keep up with rising housing costs. Stagnant wages and limited economic opportunities further exacerbate the problem, preventing many from affording a home.Gentrification
The revitalization of urban areas, often referred to as gentrification
, has contributed to increased property values and higher rent prices, often displacing long-time residents and exacerbating the lack of affordable housing options.Housing shortage
The scarcity of affordable housing, especially in large cities, has led to an increase in housing prices and heightened competition for the few available units. This phenomenon is not just limited to domestic buyers; it has had a significant impact on international buyers in the US real estate market
as well.Cost of living
Rising costs of living, including expenses like utilities, transportation, and healthcare, have made it even more challenging for people to afford housing.