Home Price Inequality Could be A Good Thing
A new report has revealed that home price inequality could be a good thing when it comes to housing values in local markets. A recently published piece from National Mortgage News cites LendingTree research that highlights some of these markets.
"A larger gap between the least and most expensive properties in a market means homebuyers have more purchasing options," according to the NMN report.
"When a real estate market booms — like the tech hubs along the West Coast — the lower home values rise, causing more equality in prices, but all homes become less affordability."
There are a few cities that could really benefit from home price inequality and NMN revealed a list that includes: Atlanta, Charlotte, Kansas City, Chicago, St. Louis and many more.
"Inequality is the defining economic debate of our times," said Tendayi Kapfidze, chief economist at LendingTree, in a press release, according to the NMN report.
"Since 1980, the majority of income growth in the United States has accrued to the top of the income scale, a trend that accelerated following the 2007-2008 financial crisis. Home values have finally recovered from the most recent housing crisis to the extent that affordability is now a concern. In many large cities, the median-priced home is now out of reach of median income households."
To learn more about home price inequality and the markets that could benefit from it, click on the image above.
