First American: Home affordability slips in February – Housing Wire

First American: Home affordability slips in February

The report notes that year over year, housing prices increased by 11% AND mortgage rates went up, pushing homes further out of reach for those in need of affordable housing. Complicating matters more, personal income over the same time period only grew by 0.4%.

Looking at another set of numbers, Consumer Prices increased about 2.4% year over year, with the cost of shelter increasing 3.5%. Clearly, exceeding the growth in personal income.

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