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Starter Home disappears.

October 11, 2023

What happens when Wall Street comes for the starter home?    

In a slightly depressing piece of journalism, the New York Times documented the answer to this question by exploring sales in a neighborhood of Charlotte, NC. Between 2021 and 2022 one-third of the houses in just one block of this 34-year old subdivision were bought in all-cash deals by investors. 

And then they were converted to rental housing.  

What has the impact been?  A few years ago, Bradfield Farms was truly affordable. You could buy a starter home here – a modest house for around $200,000.  That is no longer possible. First time home-buyers are struggling with high interest rates and competing against all-cash buyers. This is not a fight that is easy to win.

There are lots of other reasons why affordable for-sale houses are disappearing.  But this one is an unexpected outcome of a poor economy and the overwhelming desire of investors to make money and will have long-lingering effects.  It is unlikely that any of those homes will ever be an opportunity for a first-time home buyer again.

And of course this means that we all have to work harder building new ones.

Filed Under: All, Equity, Investing, Learn Tagged With: Affordable housing, Equity, Investing

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