Across the country, would-be first-time homebuyers are facing disappointment, as they realize the rapid rise in home prices has left them priced out of the market. Many house shoppers are losing bidding wars to cash buyers. Only about 549,000 homes were available for sale nationwide in June 2021, a number that is down 45% over the last four years.
Some Americans who’ve saved up tens of thousands of dollars for a down payment that they now realize is insufficient to purchase a home are asking themselves: should I find another way to invest in real estate other than buying a house?
Some commentators celebrate this idea, suggesting it would be less risky for most Americans to be renters, instead of homeowners, and those renters could invest money instead in REITs (real estate investment trusts) instead….