The average median home price could be $1 million by 2050, according to the National Association of Realtors.
Greater Lehigh Valley Realtors board member Jack Gross said certain factors can make it difficult to forecast.
“Where the economy is going to be, the political environment is going to be and to go that far out,” said Gross.
The National Association of Realtors’ economist said he looked at 3-percent and 5-percent home price growth or some fluctuation. The Lehigh Valley’s current median sales price is $375,000, which is still below the national average.
“The other part is in the Lehigh Valley we’re kind of segmented a little bit, so what happens in Florida really doesn’t have an effect on us and what’s happening in California really doesn’t have an effect on us,” said Gross.
Moravian University economics professor Jinjung Liu said the price tag may not be as big as it sounds.
“So, if the growth rate is three percent, the $1 million 24 years later will be equivalent to $500,000 today,” said Liu.
She said it does not hurt to start saving now.
“Let’s say you put 20 percent of the down payment, right. A $1 million house would require to save $200,000 in 24 years,” said Liu.
“I know that a million dollars sounds like a big number, but who’s to say, I mean $400,000 sounded like a big sales price to me 20 years ago,” said Gross.