High Mortgage Rates and Prices Make Housing Less Affordable Than Before 2008 Crash, Goldman Sachs Finds

Goldman Sachs analysis finds housing affordability is worse now than before the 2008 crash due to high mortgage rates and home prices.

The average home price in the U.S. is nearly $500,000, almost double the 2008 level.

Affordability for incremental buyers is worse than in 2006 before the previous crash.

Unlike 2008, today's high prices are due to low inventory rather than risky lending.

Goldman expects home prices to keep slowly rising given tight supply and steady economy.