There is No Affordable Housing for our Family

We are 40 somethings with a family - soon to put our youngest of three kids in the schools here. This is the area I grew up in, and never expected to find myself wondering if we would soon be priced out of living here. We originally moved back here when our first child was born after spending several years on the East Coast and wanting to escape the skyrocketing costs of living there. We had no idea that we would face much worse housing shortages and astronomical prices on structures valued 1/4th of their selling price moving here. When every family home is priced at 1 million or more, that is a problem! How are so many able to keep buying at that amount? On paper there is no reason why we shouldn't be able to find a home at our income level, yet we cannot fathom buying a 1 million dollar 1500 square foot rambler. Let alone taking on the mortgage of a 1 million dollar home with interest rates where they are - we'd not be able to feed our family with that monthly payment. There are no affordable homes for our family.

We have dreamt of settling down here and raising our family. And now it feels that is unlikely to happen. We've been stuck renting for several years while we search anxiously for an affordable house to purchase for us while our costs of living here just continue to go up and diminish the hope we had for staying in the area. One massive rent increase could be the final nail in the affordability coffin. Aside from having to double our income or leave the area we see few desirable options.