Housing affordability is on the decline the required monthly mortgage payment to purchase a median-priced existing-home has more than doubled from January 2020 to June 2023.
Mortgage

Housing Affordability Challenges Homeownership as Mortgage Interest Rates and Home Prices Rise

Housing affordability is on the decline. The required monthly mortgage payment (principal & interest) to purchase a median-priced existing-home has more than doubled from January 2020 to June 2023.
This is a consequence of a 330+ bps increase in mortgage interest rates and a 50%+ increase in the median price of an existing for-sale home over that period.

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