The coronavirus pandemic has not stymied home values in the U.S. — a boost for Americans, and a hurdle for others.
The total value of all the homes in America rose $2 trillion to a total of $31.4 trillion in October, up 6.7% from an s estimated $29.4 trillion before the pandemic in February, according to a new study by Redfin, a Seattle-based online listing company. Rising home values have given homeowners more wealth but have made home purchases unattainable to millions of renters, according to economists.
“Housing is such a big way of making wealth for Americans,” said Schery Bokhari, the Redfin economist who authored the study. “It’s almost like there are two different classes — people who own wealth are really benefiting [from low interest rates] and those who are now unemployed or have experienced loss of income, are being left behind. They’re missing the boat.”