Mortgage Industry News
« Return to Mortgage Industry News
Housing Affordability is Still a Challenge, but Improving
Monday, July 27, 2020
The National Association of Home Builders' (NAHB') Housing
Trends Report for the second quarter of 2020 found slightly less than a
quarter of prospective home buyers could afford a median-priced home in their
local markets, leaving 77 percent shut out. However, Rose Quint, writing in NAHB's Eye
on Housing blog, calls that an improvement from a year ago when only 20
percent could buy. She says that lower interest rates are responsible for the
change. There is remarkable similarity
across generations. Among Gen Z, Millennials, and Boomers, 76 percent of buyers
can afford fewer than half the homes for sale in their markets. Among Gen X
buyers the share is even higher, 78 percent. There was also little difference
in affordability across regions.
Read Full Article