Despite modest wage growth, the gap between income and the cost of living continues to widen in the US, making essentials like homeownership increasingly out of reach for many. As a result, more individuals are turning to innovative solutions like online property auctions to navigate the challenging market landscape.
Affordability in the US is getting even worse:
US wage growth fell to ~3.1% in March, back to the 2019 average.
Low-wage workers have seen wage growth from 11.5% in 2022 to 3.2% now.
Wage growth continues to underperform inflation which means that real wages are declining.
To… pic.twitter.com/hOP6Fonvyj
— The Kobeissi Letter (@KobeissiLetter) April 11, 2024
More owner-occupants are turning to distressed property auctions to purchase a home to live in. Here are some of their stories along with some reasons why were are seeing this increase in this thread.t.co/6wCGIIYYCB pic.twitter.com/lcReCNpHtV
— Daren Blomquist (@darenjblomquist) April 11, 2024
Reason 2: Private innovation, namely online auctions and products like @auction's Remote Bid, which allows buyers to bid at auction remotely. One owner-occupant buyer told us in a buyer survey earlier this year: "I still work fulltime so I can only explore online auctions." pic.twitter.com/tPGIYKyCy9
— Daren Blomquist (@darenjblomquist) April 11, 2024