Housing Affordability Is Historically Low, Yet People Are Still Moving
In the current real estate landscape, prospective buyers and sellers are facing challenges due to rising mortgage rates and increasing home prices, a significant shift from the trends of recent years. The accompanying graph offers a clear perspective on how today’s affordability compares with the past. As you can see in the graph above, housing affordability is historically low. The National Association of Realtors (NAR) provides guidance on interpreting the graph’s data: “To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced […]
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