A recently released report from the U.S. Census Bureau shows that compared to the 1970s, homes have more air conditioning, bathrooms, space (square feet), and fewer people. This in addition to the fact that much of the home buying process takes place online. Ben Carlson writes for MarketWatch that now is a great time to be a home buyer.
One of the chief reasons he cites is that mortgage rates are record lows, making money go further:
So at today’s median home value — $296,400 — and at current mortgage rates — 3.63% — the monthly payment would come out to $1,349 a month (before taxes, PMI, down payment, etc.). That same mortgage at 1981 interest-rate levels would have cost you more than three times as much or $4,136 a month.