🚹 Housing Becomes Slightly More Affordable for the First Time Since 2020 🚹

For the first time since the 2020 pandemic, buying a home in the US has become a little more affordable:

đŸ”č US homebuyers now need to earn $115,454 annually to afford a median-priced home with a 15% down payment.

đŸ”č This is down 1.4% year-over-year, marking the first annual decrease since June 2020, when mortgage rates were below 3%.

đŸ”č The drop came after mortgage rates posted their first annual decline in 3 years.

However, the income needed to afford a median home is still ~90% above 2020 levels, showing that housing affordability still has a long way to go.

#HousingMarket #RealEstate #HousingAffordability #MortgageRates