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Do You Know How Much A Home Costs?

Most of us know what it means to be sticker shocked. It’s when you find out the price of something is much higher than you expected. It can be a surprise. It can also be a disappointment if you were actually ready to buy. These days, according to the results of a new survey, sticker shock may be a common occurrence in the housing market. In fact, the survey – from the National Association of Home Builders and the U.S. Census Bureau – found there’s a fairly large gap between what home buyers expect to pay for a house and what homes actually cost. The survey found 38 percent of buyers expect to pay less than $250,000 for their next home. That’s well below the median price of an existing home, which is now above $400,000. It’s also well below the cost of buying a newly built home, which tend to be more expensive than older homes. For example, in 2023, only 5 percent of new homes that began construction were priced under $250,000. (source)

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