CHARLOTTE, N.C. — Americans are wasting too much money on housing, according to one economist.
Let's connect the dots.
The housing market has been red hot during the pandemic, with buyers shelling out thousands above the asking price. Now an economist warns those short-term gains may turn into a money pit nightmare.
So instead of letting your mortgage consume your budget, he suggests waiting it out. Depending on where you are in your life, try to shack up with your parents or relatives or find a cheap place to rent while you look for the right home.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
Rent out your home or at least a room in it to help offset the costs, or downsize. Maybe you realize you don't need as much house as you bought.
That could end up saving you thousands over the years.
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WCNC Charlotte is part of seven major media companies and other local institutions producing I Can’t Afford to Live Here, a collaborative reporting project focused on solutions to the affordable housing crisis in Charlotte. It is a project of the Charlotte Journalism Collaborative, which is supported by the Local Media Project, an initiative launched by the Solutions Journalism Network with support from the Knight Foundation to strengthen and reinvigorate local media ecosystems. See all of our reporting at charlottejournalism.org.