The median age of first-time homebuyers in 2024 has risen to 38 years old from last year's 35 due to the worsening housing affordability crisis in the US.
Akiyas, or abandoned houses in Japan, can sell for less than $10,000. The low prices are now attracting foreign buyers from countries where the cost of homeownership are soaring.
Home sales fell by 1% in September, lagging in three of the four major regions in the US. Sales of previously owned homes fell by 1% in September compared to August, marking the lowest level recorded since at least October 2010.
The House Judiciary Committee is compelling the administration to provide information on its spending on a taxpayer-subsidized program that houses illegal immigrants in the US.
A report suggested that real estate investors are scooping up affordable properties and turning them into short-term rentals or keeping them vacant. This drives up prices in the housing market.
The program is expected to result in 26,400 affordable housing units across the United States. The Biden administration will award $250 million to developers to create nearly 30,000 units of affordable housing across the country.