housingaffordability
The American Dream just got a lot more expensive for first-time homebuyers. There are three reasons for this. Mortgage rates are at their highest levels in 15 years. Prices for starter homes are spiraling upward due to lack of supply—which is, in part, because of higher mortgage rates. Meanwhile, incomes are hardly keeping up. Housing affordability today becomes even more astonishing when you compare it to the dreaded early 1980s when mortgage rates hit a record 18%. Housing Affordability Today Vs. 1970 And 1981The gap between incomes and house prices has been widening slowly for 50 years, but...
ValueWalk
Almost exactly forty years ago, in October of 1981, interest rates for 30-year fixed mortgages peaked at 18.45%. Housing affordability, measured by dividing house prices by gross annual earnings, hovered at a history-making low of 62—that means the average American family had roughly 62% of the income necessary to qualify for a home priced at the median in the market. No one thought it was a good time to buy a home. Q2 2021 hedge fund letters, conferences and more Rounding the corner into 2022, the two housing markets couldn’t look more dissimilar. Interest rates are now turning heads again, b...
ValueWalk
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