The average median home price could be $1 million by 2050, according to the National Association of Realtors.<\/p>\n
Greater Lehigh Valley Realtors board member Jack Gross said certain factors can make it difficult to forecast.<\/p>\n
“Where the economy is going to be, the political environment is going to be and to go that far out,” said Gross.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
Moravian University economics professor Jinjung Liu said the price tag may not be as big as it sounds.<\/p>\n
“So, if the growth rate is three percent, the $1 million 24 years later will be equivalent to $500,000 today,” said Liu.<\/p>\n
She said it does not hurt to start saving now.<\/p>\n
“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.<\/p>\n
“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.<\/p>\n","protected":false},"excerpt":{"rendered":"The average median home price could be $1 million by 2050, according to the National Association of Realtors.…\n","protected":false},"author":2,"featured_media":222642,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[214,119,121,120,232],"class_list":["post-222641","post","type-post","status-publish","format-standard","has-post-thumbnail","category-allentown","tag-_homepage_top_stories","tag-allentown","tag-allentown-headlines","tag-allentown-news","tag-allentown-area"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/222641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=222641"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/222641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/222642"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=222641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=222641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=222641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}