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U.S. home prices went through the roof in 2021

January 03, 2022

These excerpts are from a spot that aired on National Pubic Radio on Tuesday, Dec. 28, 2022. Read the original article.

ARNOLD: Right. I mean, for a long time, first-time homebuyers, things have just been getting harder and harder. So many are getting priced out of the market. And the percentage of first-time homebuyers - that's just been falling to the lowest level in decades when you look at overall sales - what percentage of those first-time homebuyers. And one example, I talked to Steve Peterson, an economics professor at the University of Idaho, and he's been watching what's been happening there in the city of Coeur d'Alene.

STEVE PETERSON: Coeur d'Alene is in the northern part of the state, and it's in part a resort town - beautiful. It sits right on a lake. It's a rapidly growing metropolitan region.

ARNOLD: And he says five years ago, 75% of households in Coeur d'Alene could afford to buy a median-priced home there based on their income - so pretty affordable. But many cities like this have seen an influx of homebuyers - right? - people wanting second homes or buying a house and then remote working, all that on top of just people who live there or are moving there for a local job. So in five years, the median home price in Coeur d'Alene more than doubled to about half a million dollars. And so now only 25% of people, he says, who live there could afford to buy a house at today's prices.

PETERSON: The speed by which this is happening is the most remarkable part. Where housing was mostly affordable five years ago, it's mostly unaffordable today. Read more.

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