As the President of the Pennsylvania Association of REALTORS (PAR) Quinn & Wilson broker Christopher Beadling feels it is important to share important news with the public. Today’s Market Research Monday looks at a study released today by the National Association of REALTORS called “Record-High Prices and Record-Low Inventory Make It Increasingly Difficult to Achieve Homeownership, Particularly for Black Americans“. This study looked at the Philadelphia market area, which includes Bucks and Montgomery County real estate – and as such we wanted to share it with you.
For the first time ever, this NAR study broke down home buyers by income level and by race. It also matched income and racial data against active listing inventory (as of December, 2021) to create an “affordability score” and looked at the number of homes individuals could actuallly buy. The entire report can be found by clicking here to go to the NAR library.
The conclusion of the report is that escalating home values combined with declining real wages is making it harder for all buyers, but especially black and hispanic buyers, to find affordable housing. The Philadelphia area is no exception to that rule, as the NAR data shows.
Quinn & Wilson is committed to helping all buyers find housing and to work with municipalities and agencies to help create new affordabile housing opportunities. Broker Beadling has already been interviewed by The Philadlephia Inquirer on this topic and the strategic plan of the association over which he presides lists housing affordability as one of its goals.
If you are a land owner in the Philadelphia area with access to land upon which new housing may be created and would like to learn about tax incentives and other possibilities in this realm, contact us and we will connect you with our broker to learn more.