Houses Cost More Than What Buyers Expect to Pay

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June 07, 2016

Nearly one-third of homebuyers expected to pay less than $150,000 for a house in 2015. Problem is, only 6 percent of single-family homes sold for $150,000 or less last year.

NAHB examined new data from the U.S. Census Bureau and the Department of Housing and Urban Development and found that houses were sold at prices much higher than what buyers expected.

A reason for the discrepancy is miscellaneous costs. The amount of money needed to acquire land, develop it into a lot, and build a home makes it tough to price a home for under $150,000. Also, government regulations can add up to $84,000 onto the price of a new house, according to NAHB.

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