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Packing up to move out of town has become a luxury more and more Americans can’t afford. This year, more than three million families are expected to spend $10,000 or more relocating to a new city, a 13% jump from 2017, according to real estate website Zillow. The numbers were released this week at a House hearing on housing, where officials detailed how affordable housing is becoming increasingly scarce, especially in cities like New York, San Francisco and Los Angeles. “This is a topic that has been near and dear to my heart for decades,” said Rep. David Cicilline, D-R.I., speaking of housing affordability. “One of my first memories as a family was being forced to move out of state because our family couldn’t afford to live in Rhode Island.” Cicilline, a member of the House Committee on Financial Services, said the decision to move and buy a home was one of the biggest financial decisions he’s ever made. “It’s the only thing that I can think of where I said ‘this is what I want, I’m going to spend my time working toward it, and I’m going to do everything that I can do to make that happen,’” he said. “That was always a big lesson for me. It’s one of the reasons I’ve always been so dedicated to this work.” His comments reflect the stories of many Americans who are being priced out of their hometowns by a lack of affordable housing options. According to Zillow, single-family homes in places like New York and Los Angeles have experienced double-digit price increases in the past year. They also predict housing costs will continue to increase this year, with property taxes going up an average of 3% in every state. Mortgage rates are expected to rise from last year as well. Andrew Stiffler, director of product and product strategy at Zillow, said home ownership and affordability are important but not the only things that matter to housing. “People should be focused on more than just trying to get into a house or buy a house,” he said. He added that the housing market is evolving, with more people considering renting rather than buying. Stiffler said Zillow data shows the percentage of

 

 


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