Photo: James Rojas/WBZ NewsRadio
CAMBRIDGE Mass. (WBZ NewsRadio) — Finding a dream house these days may be much harder than you think. As many in the U.S. are trying to become homeowners, there doesn’t seem to be a solution to the problem of expensive real estate coming any time soon.
A new real estate study by Redfin reveals that buying a house costs more than ever, with prices hitting an all-time high and mortgage rates rising too. WBZ NewsRadio spoke to Cambridge resident Jodie, who is not at all surprised by this new study.
“Kids in their 20’s, I don’t think they will be able to settle here. Cambridge/Somerville [or] anywhere in that area because it’s expensive,” she said.
The average price of homes for sale in Cambridge is well over a million dollars, and it doesn’t look much better or less expensive in neighboring communities either even though there’s more inventory in the U.S. than last year, which is the reasoning for soaring prices.
WBZ NewsRadio also spoke to Megan, who as a homeowner knows just how hard it is to reach that point.
“We purchased our unit through an affordable home ownership program in Cambridge, but I think that’s getting [more and more] rare,” she said.
Researchers said that their best advice for serious buyers looking for the dream home is to accept that this year is not the best time to find a dream deal.
WBZ's James Rojas (@JamesRojasMMJ) reports.
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