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2016 search results for: housing affordability price to income
There’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers.
If you remember the housing crash back in 2008, you may recall just how popular adjustable-rate mortgages (ARMs) were back then.
Last year, some housing experts projected a decline in home prices by the end of 2023. But that didn’t happen – inventory was just too low.
If you’re looking to buy a home, you should know even a small change in mortgage rates has an impact on your purchasing power.
Plenty of people are still moving these days.
The spring housing market has been surprisingly active this year.
While home prices vary by local area, they’ve already hit their low point nationally, and now they’re starting to rise again.
- The percentage of income needed to afford a median-priced home today is declining, while that for renting is on the rise.
- This is making buying a home an increasingly attractive option for many people, especially with low mortgage rates driving purchasing power.
- With so few homes on the market right now, widening the scope of your search to include nearby areas could help you find more options in your budget.
- You can also work with a trusted lender to consider alternative financing options and search for down payment assistance.
There’s been talk about a recession for quite a while now.