Jaxx Fox has lived in East Tennessee her entire life, although she never felt at home inside the apartments she rented. That’s why, three years ago, Fox decided to buckle down to save for her own home.
First-time homebuyers like Fox are entering a real estate market with drastically declining housing affordability, according to the National Association of Realtors (NAR).
The organization’s Housing Affordability Index indicates the short supply of homes is increasing costs across the country, and especially impacts first-time buyers.
Median family incomes in April fell 1.0% from March. Meanwhile, the monthly mortgage payment increased 16.1%.
Fox spent three years paying her student loans and saving so she could buy the home she always wanted. When she started searching, it wasn’t like anything she expected.
Fox found a place within a month, but that doesn’t mean it was easy.
From financing to finding a place, this is what…