It’s hard to miss how expensive and, for millions, unaffordable housing has become. New research from Marcus & Millichap suggests that the market is currently experiencing a classic standoff between price elasticity and demand.

“Both the number of homes sold and apartment units absorbed fell in the second quarter, a signal that household formation may be moderating,” the report noted. “This contraction occurred during the same three-month span in which more than 1.1 million jobs were added, a process that typically supplies residents with incomes and the stability to form households.” Marcus & Millichap also said that as of June in the US, the estimated difference between a monthly payment on a median priced home and a rent obligation surpassed $1,000. 

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