Homebuyers need to earn 80% more than in 2020 to afford a house in this market. It's not just due to high mortgage rates
Publishing timestamp: 2024-03-12 11:54:47
Summary
Experts point out that factors beyond high mortgage rates, such as the disconnect between housing costs and wages and restrictive land-use regulations, are affecting housing affordability for many Americans. The number of new housing units built has been declining, leading to low supply. To improve affordability, experts suggest easing land-use and zoning regulations to increase housing supply. Some areas have already seen an increase in new housing inventory due to relaxed zoning rules.
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Keywords: personal loans, housing, real estate, mortgages, social issues, personal finance, zillow group inc, breaking news: investing, investment strategy, business news, economic events, united states,
Source: https://www.cnbc.com/2024/03/12/why-homebuyers-need-to-earn-more-to-afford-a-home-in-2024.html