What's Affecting Home Affordability today?

 

Aspiring homebuyers may be feeling discouraged by the recent surge in mortgage rates, but it's important to remember that there are other significant factors at play when it comes to buying a home. Yes, rates have risen significantly since the pandemic lows, but it's not just about the rates. To truly gauge home affordability, we must take into account home prices as well as wages.

It's a combination of these three factors that determine whether purchasing a home is a feasible option right now. Want to get the full scoop on today's home affordability? Keep reading.


1. Mortgage Rates:

Mortgage rates have maintained a range of 6% to 7% for the past eight months with slight fluctuations in…

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