Buying an older vs. new home might not be the answer to unaffordable housing

By Jeff Ostrowski, Bankrate.com

Homes are acutely unaffordable, a reality that’s pushing stressed-out buyers to consider fixer-uppers. While older homes might offer bargains upfront, there’s a catch: Aging properties saddle owners with maintenance costs that squeeze budgets and test patience. Homebuyers need nearly $117,000 in household income to afford a home, so buying an older one that needs work isn’t necessarily an ideal solution.

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