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America’s roaring real estate boom is leaving millions of would-be homebuyers out in the cold. The problem is most severe in that corner of the market that once propelled the American dream: the small entry-level home.
“I would like to a have a space with a yard, like 900 square feet,” says Mat Pergens, 39, who repairs and installs garage doors in and around Reno, Nev. “Simple cabinets, simple countertops, Shag carpeting. I don’t care. I just want four walls and a roof that I can afford.”
But his aspiration for a modest starter home is completely out of reach. The country is nearly 4 million homes short of demand, according to the mortgage giant Freddie Mac.
Like many American cities, Reno is undergoing a homebuying frenzy, with rapidly escalating prices. Home values in Reno have gone up 27% in the past year. With an influx of affluent Silicon Valley workers driving the market, luxury is trumping affordability.
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Mat Pergens just wants “four walls and a roof that I can afford” for himself, his wife, his 6-year-old daughter, and his baby on the way. But even that modest of a dream is out of reach these days. Zac Visco for NPR
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