Posted 12/11/2023, 5:06:00 PM
Home Affordability Plummets as Prices and Rates Surge Under Biden
- Average monthly new home payment was $1,915 when Biden took office, now $3,322
- Housing less affordable than anytime in recent history due to 7%+ mortgage rates and $392,000 median home prices
- High inflation and tight housing supply driving increasing prices
- Average 30-year fixed mortgage rate hit record low of 2.65% in Jan 2021, peaked at 7.76% in Nov 2022
- Rent payments rose less sharply, from $1,784/month in Q1 2021 to $2,184/month in Q3 2023