The Tribune had an article on Saturday commenting on a housing crunch in Chicagoland. It seems that upper-income people are not buying "appropriately priced" housing, but are surprising the entire industry by choosing homes marketed to the middle-income bracket. This means that the housing-supply in the middle and lower-priced ranges is having a real crunch, as families who cannot afford to buy "upwards" more or less compete for the lower-priced homes. Needless to say, this leaves some families simply priced out of home ownership.
The funny thing, I thought, was that the "blame" was assigned to the upper-income crowd. They started it, the article insinuated, by not buying the homes that were priced for them. Nobody seemed to suspect that it could be that the houses might be overpriced.
1 comment:
Wonderful observation!
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