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PaperclipPerfector  1yr ago (text post)   3985 thread views

Small-Scale Question Sunday for August 27, 2023

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That link shows mortgage rates going from 1500 (approx) in 2020 to 2500+ in 2023, while in the same time frame wages rose from 45k (approx) to 48k (approx). In order to restore affordability some combination of the following would have to happen:

  • Home prices fall
  • Mortgage rates fall
  • Wages rise faster than home prices

So when you say you don't think that home ownership won't remain unaffordable for long how do you think the affordability will be restored and how long will that take to happen?

It depends. If mortgage rates remain high, I expect real home prices to fall eventually, at least relative to income. Because home prices are in part a function of mortgage rates, and we have already seen some evidence of that happening.

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