People in a tight market can get a little crazy and look for the next big thing, according to a study.
While the study found that the average price of an apartment is actually higher than it used to be, it says it doesn’t mean that buyers should buy into the bubble.
The average price is actually lower than it was in 2007, when the Great Recession began, the study, by researchers at the Federal Reserve Bank of St. Louis, says.
“The median price of new-home sales in 2017 was $5,934, down 3.5 percent from 2016,” the study said.
However, it did say that the median price is lower than in 2006, when median prices for homes in the St. Petersburg area peaked at $8,000 per month.
The study says that buyers in this price range should look into the properties of real estate broker Paul R. Zavadski, who recently wrote an article for the Wall Street Review that said, “The best way to stay ahead of the housing market is to get into a home with an above-average price and below-average income.”
The Federal Reserve Board is expected to release its housing report next week, which could give investors a better idea of how they might be able to afford to buy.
According to the study published Wednesday, people in the top 20 percent of income earners made an average of $80,634 a year in 2016, the lowest in nearly a decade.
The median income for the top 10 percent was $84,742, while the lowest was $32,977.
It’s also worth noting that the study didn’t look at whether people are still paying off mortgages.
A report from the Federal Housing Finance Agency on Tuesday showed that the total debt outstanding on homes is about $1.4 trillion.
More on housing: The housing market in the United States continues to shrink.
Here’s what you need to know about the mortgage crisis and the market