Real estate is the cornerstone of the ‘American Dream’ (a house, a yard, and a white picket fence) in the US and around the world; however, there has always been structural inequity in the housing market and current market conditions are accelerating this inequity. There is rampant housing inflation, a supply crisis, and heightened levels of institutional participation.
Taken together, buying a home has become much more difficult or even impossible for many first-time buyers. The media drumbeat on this topic is getting louder (for good reason) — just recently 60 Minutes has featured this issue on a recent episode and the Washington Post leveraged Redfin data to demonstrate how increased institutional ownership of single family homes is pushing out individual buyers, impacting minorities disproportionately. Further, a recent survey from the NY Fed showed record-low confidence that renters will ever be able to afford a home, period.
We’re the generation that’s been told we will never be able to own a home and it’s manifesting right in front of us. But, we participate and contribute to society and culture perhaps more than any generation before — should we not have a chance to participate in the American Dream?
Fortunately, we are also the generation that doesn’t take NO for an answer.
Instead of accepting this fate, we’ve created Parcl, on behalf of everyone, so that everyone can participate in real estate (renters, first-time buyers, enthusiasts). We are making real estate investing possible for…
