Last week, real estate firm Zumper reported that rents in Boston had jumped 20% year over year. The median cost for a one-bedroom apartment now sits at $3,060 — a figure that would consume 45% of a median worker’s salary.
Renters have responded by hoping… even praying… for a real estate crash. Online searches for the term have quadruped in 2022.
Yet, the prospect of a housing crash has made things worse, not better, for homebuyers. Weakening prices, declining inventory and higher mortgage rates are now all saying the same thing: Investors should wait until 2024 to buy a house.
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