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The only owner-occupiers that can get mortgages are those who would buy homes worth more than $200,000. There are two different markets today. A functioning high end market and an entry level market mostly now dominated by investors.
Whys the driver? Is it because the entry-level markets are in he places without great jobs?
It's not for lack of demand for shelter (including the ability to pay). Rents are rising. It's a lack of funding for purchase. That ends up limiting new supply, which leads to rising rents, which entry level households must pay because they can't get mortgages.
But is it lack of supply or that entry-level households have too little income/too much debt?
It’s illegal to lend to entry level buyers
The rental yield on entry level properties is such that if you could afford to rent, you could likely afford to buy. Put differently, if PE finds it worthwhile to own and operate rentals, then owners should too.
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