Concerns by some homeowners that building new homes in their areas may reduce the value of their properties is one of the biggest obstacles in expanding access to potentially affordable homes, a developer told Newsweek. Bradley Rohrs, president of The Rohrs Team that operates in the Washington, D.C.
A significant chunk of Americans has their personal wealth tied to the equity on their properties, which over the last few years has soared as home prices have gone up. Bankrate points out in 2019 the median price of a home was $258,000. By 2023, that number has spiked all the way to $335,000. Research, meanwhile, shows that home equity is one the most important aspects of wealth in America. In 2021, the median net worth of U.S. households was about $167,000.
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