We’ve all heard about housing prices increasing dramatically over the past few years. Several new factors are not only increasing housing prices but impacting the affordability of homes for buyers. In fact, a recent cover story in Barron’s shared data from the National Association of Realtors indicating that 1.9 million first-time homebuyers will be shut out of the housing market this year.
In this episode, Wes addresses historic fluctuations in the housing economy due to oversupply, undersupply, and the unexpected impact of Covid. He discusses today’s housing shortage coupled with increasing interest rates that will continue to rise throughout the rest of this year. He also addresses the advantages of paying off your mortgage, the correlation between paying off your mortgage to levels of happiness in retirement, what homeowners can do to pay down or pay off a mortgage, and what first-time homebuyers should consider when it comes to the reality of buying a home. This episode also wraps up with a few call-in questions that Wes answers from Retire Sooner listeners.
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