Episode
Why Is It So Hard to Buy a House in America Right Now?
30:52
Published: Tue Jun 21 2022
Description
This episode contains strong language.When Drew Mena and Amena Sengal decided to relocate their young family from New York to Austin, Texas, they figured they’d have no problem.What they hadn’t realized was that, across the country, home prices — and competition to secure properties — had risen to jaw-dropping levels.Guest: Francesca Mari, a contributing writer for The New York Times Magazine and a fellow at the think tank New America.Want more from The Daily? For one big idea on the news each week from our team, subscribe to our newsletter. Background reading: Soaring demand, pinched supply, regular buyers acting like speculators … will real estate ever be normal again?For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
Chapters
The housing market's limited supply, enormous demand, and increasing prices are making it more difficult for millions of Americans to buy homes, and the problem is expected to worsen with the surge in mortgage rates, which may further deepen the renting crisis.
00:00 - 05:33 (05:33)
Summary
The housing market's limited supply, enormous demand, and increasing prices are making it more difficult for millions of Americans to buy homes, and the problem is expected to worsen with the surge in mortgage rates, which may further deepen the renting crisis.
EpisodeWhy Is It So Hard to Buy a House in America Right Now?
PodcastThe Daily
The pandemic has led to an increase in people buying homes in suburban areas, resulting in a 27% rise in house prices which is the fastest acceleration in American history.
05:33 - 11:33 (06:00)
Summary
The pandemic has led to an increase in people buying homes in suburban areas, resulting in a 27% rise in house prices which is the fastest acceleration in American history. Homes now have to be adapted to have home offices, classrooms, and gyms.
EpisodeWhy Is It So Hard to Buy a House in America Right Now?
PodcastThe Daily
Lower interest rates and higher wages have allowed many millennials to enter the housing market for the first time during the pandemic.
11:33 - 15:46 (04:13)
Summary
Lower interest rates and higher wages have allowed many millennials to enter the housing market for the first time during the pandemic. Home sellers are hesitant to list their homes due to uncertainties around affordability and availability of new homes.
EpisodeWhy Is It So Hard to Buy a House in America Right Now?
PodcastThe Daily
The real estate market can be extremely competitive, with buyers resorting to waiving inspections or writing letters to win a bid on a house they love.
15:47 - 20:23 (04:36)
Summary
The real estate market can be extremely competitive, with buyers resorting to waiving inspections or writing letters to win a bid on a house they love. This makes it difficult to find a house within a specific budget.
EpisodeWhy Is It So Hard to Buy a House in America Right Now?
PodcastThe Daily
A couple discusses the perks of having a larger home, including the ability to have extra space for hosting and the potential for rental income.
20:23 - 24:46 (04:22)
Summary
A couple discusses the perks of having a larger home, including the ability to have extra space for hosting and the potential for rental income.
EpisodeWhy Is It So Hard to Buy a House in America Right Now?
PodcastThe Daily
FINA, the administration for international water sports competitions, has prohibited trans women swimmers who did not undergo a medical transition before puberty to compete in women's sports, believing they have a lasting physical advantage over those who were born female.
24:46 - 30:46 (05:59)
Summary
FINA, the administration for international water sports competitions, has prohibited trans women swimmers who did not undergo a medical transition before puberty to compete in women's sports, believing they have a lasting physical advantage over those who were born female. However, this recent move could contribute to preventing trans women from joining women's sports teams.