For most home buyers, the cost of new homes has become a great burden. The coronavirus pandemic has fueled the demand for housing.
Affordable US states for housing
Three states in the United States are providing a home at a median price than the other states. Those are Virginia, Maryland, and Delaware.
Many Americans are compelled to buy homes for a higher price. The rising cost of lumber has fuelled the situation. The newly-build houses are more expensive now. There is no chance of a reduction of the construction cost now. But using 3D printed materials for housing may reduce the cost by 20% to 40%.
An expensive real estate market would not affect the market if the people ensured the high income. Due to the pandemic, they faced a great deal of financial crisis.
In some states, the new homes are not only pricier but also unaffordable to the median wage earners.
According to the report of HowMuch.net, the price of a median-priced new home can be 527,000 dollars in California and 416,000 dollars in Arizona. Prices are not the major contributor to arise the affordability crisis, but wages are playing a vital role here.
HowMuch.net reports that Vermont is considered the least affordable state for housing in the whole state.
More than 69% of the inhabitants of Delaware are able to afford a new home worth $1,93,000 dollars. 57% of the households in Maryland can afford a new house, and 54% of Virginia can deal with a new home cost.
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