Posted 2/12/2024, 5:35:49 PM
Mortgage Rates and Affordability Squeeze Price Out Midwest as Last Bastion of Attainable Housing
- Mortgage rates hit 20-year highs in late 2022, making home affordability the lowest in over 10 years
- 38% of homes sold in late 2022 were affordable for median-income Americans, the lowest since 2012
- High construction costs and labor shortages are limiting home supply and keeping prices high
- The Midwest currently has the most affordable housing markets
- Insufficient home construction over the past decade has contributed to affordability issues