Affordability
Spooky Season is Here to Stay: Mortgage Affordability May Never Recover
Housing affordability has become the highest barrier for both buyers and sellers in today’s housing market. Throughout the pandemic, as prices were rising to never-before-seen heights and inventory plummeted to their lowest level in at least 40 years, low mortgage rates helped keep monthly payments affordable for most home buyers who could afford a down payment. But now that rates are soaring, that monthly payment is climbing out of reach for many.
Declining Demand Drives Price Pullback
A sharp retreat in demand for housing has helped drive the market to rebalance – and prices to fall – even as listing activity remains subdued
Sales Up, Size Down for $1 Million Homes
The typical million-dollar home has shrunk in size across nearly all major metropolitan areas
Today’s ARM Borrowers Have Higher Incomes, Larger Down Payments
Adjustable-rate mortgages rose in popularity in the first half of 2022, bringing the share of adjustable-rate mortgage applications to the highest it’s been in 15 years
Demand for Lowest-Priced Homes is Strongest as Market Rebalances
Inventory, sales and price cut trends show home buyer demand has cooled across the board, but competition is strongest for the lowest-priced homes in each market, reversing a pandemic trend.
There is broad support to allow accessory dwelling units, duplexes and triplexes in residential neighborhoods, according to a new Zillow survey covering 26 U.S. metro areas, many of which are struggling with housing affordability.
Domino Effect: Gender Pay Gap Has Implications for Women Home Buyers
Nationally, women could afford 18% more of the housing market if they made as much money as men. The disparities are most profound for women working in job categories such as the financial industry, education and health services, and “other services,” which include fields such as advocacy and pet care.
Skyrocketing Home Values Out-earn Salaries
While homeowners watched their assets multiply in 2021, the chasm separating many renters from homeownership widened, as home prices skyrocketed and rising rents eroded their ability to save for a down payment.
A 1-2 Punch: Why Monthly Mortgage Payments are Rising at their Fastest Pace in Decades
The monthly mortgage payment on the typical U.S. home rose 31% in the last year – the largest one-year climb in at least 22 years.
