US Housing Affordability Hits Worst Point in Nearly Four Decades
A surge in borrowing costs is making home purchases more expensive with little relief in sight.
This article is for subscribers only.
A recent surge in US mortgage rates has pushed affordability to the lowest level in nearly four decades. For house hunters, waiting for any relief is a risky gamble.
It’s been a hard lesson. Last year’s slowdown brought a brief respite from the price gains of the pandemic boom but that’s now vanished, with home values recovering the nearly $3 trillion they’d lost.