The Big Big Money Show panel ‘discusses the Federal Housing Official Pelting Official Pelting Pourting’ concept of ‘making loans affordable’ to sell homes and revive the housing market.
The housing affordability problem is not saving anyone. But Rural America has a variety.
In rural America, prices continue to rise and incomes haven’t stopped, according to a new report from Redfin. The combination of these two factors causes housing affordability to erode faster than in big cities and small towns. ”
Homeowners need an annual income of $74,508 to pay for a home built in rural areas of the US, up 105.8% from 105.8% before the covid-19 pandemic. Before the pandemic, home buyers only needed to earn $36,206, according to Redfin’s analysis, which compares the third quarter of 2025 with the third quarter of 2019.
More than half of American homes lost value last year
The amount needed to pay for a home built in high-income Suburban Counties dropped 90.9% to $102,120 during the same period. Previously, potential buyers only needed an annual income of $53,482. The amount needed to pay for a home in urban areas increased by 87.5% to $118,300. Consumers need an annual income of $63,103 before the pandemic.
Farm for sale in Rochester, Minnesota. (Educational Images / Universal Images Group via Getty Images)
A home is considered affordable if the buyer takes out a loan and spends 30% of their income on their monthly payments, according to Redfin.
Why are the withholding tax rates increasing despite the fixed rate from the Fed?
Home prices in rural areas have jumped the most with the sale price rising by 60.5% before the pandemic. Home sales prices are hovering around $280,900, which is a far cry from $175,000 in 2019, according to the report. At the same time, the median household income in rural areas remains at about $69,307, which is only 33.3% before the pandemic.
A for sale sign is visible on the front lawn of a remodeled home in Williston, North Dakota. (Andrew Burton/Getty Images)
Sales prices in high-end subjects jumped 48.9% to $385,000 while urban districts saw a 46.2% gain with prices sitting at $446,000. Suburban counties saw a 36.8% increase in income and urban counties saw a 39.3% increase.
Ex-NYC Mayor de Blasio Defends Mamdani’s Rent Freeze Proposal While Others Warn of Market Damage
Millions of people were displaced from big cities during the pandemic when they wanted more space. Remote work and low recording prices help drive that trend.
A home is considered affordable if the buyer takes out a loan and spends 30% of their income on their monthly payments, according to Redfin. (Mario Tama/Getty Images)
But flooding and destruction related to flooding in rural and urban areas sent home values soaring and left “communities facing an existential crisis,” according to Redfin.
Find FOX business on the go by clicking here
Typically, rural areas have fewer homes for sale, Redfin says, which means HomeBuyers are constantly competing. But during the pandemic, places found a certain number of domestics who could attend. For example, New Hampshire saw growing interest from buyers in New York, Texas, California and Seattle, often with large budgets. This allowed sellers to drive the asking price, win bidding wars and buy properties in the Lakes region, according to Surrey-based Redfin Agent Julia Martinage.
“A lot of those people are now going back to where they came from and being replaced by the area or people from across the border like Massachusetts,” Martinage said.
