Georgia Home Affordabilty Expected to Hit 6 Year Low in 2019
While demand for new homes in Georgia and around the country continues to grow due to new jobs created by the expanding economy, homes are becoming less affordable, and more potential buyers are being priced out of the market. Even though home sales are strong, the homeownership rate hasn't risen significantly since hitting a nearly 50 year low in the second quarter of 2015. While analysts expect home sales in 2018 to outpace last year's rate, fewer potential homeowners are expected to enter the market as home prices and mortgage interest rates continue to rise. Home affordability is expected to hit a six year low in 2019, and as a result, the rise in home prices is expected to slow slightly. While more home construction is needed to help relieve the demand for new homes, various factors including labor shortages and lumber tariffs have resulted in fewer new homes being built.
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