It's not just about 'location, location, location' anymore - housing market priorities have shifted

Affordability has become the top priority for house hunters in the US, surpassing the importance of neighborhood, due to high prices and mortgage rates, according to a Fannie Mae survey.

yahoo.com

Relevant topic timeline:

8/22/2023

Americans now need to spend 43% of their income to afford a home as mortgage rates surge to a 23-year high

The average American now needs to spend 43% of their income to afford a home, as mortgage rates soar to their highest levels since 2000, reducing housing affordability and causing a decrease in housing supply.

8/22/2023

Housing market affordability is worse now than at the height of the housing bubble in 2006

The surge in mortgage rates has caused housing affordability to reach the lowest level since 2000, leading to a slow fall in the housing market and a potential dip in home prices, although the current market differs from the conditions that preceded the 2008 crash, with low housing inventory and a lack of risky mortgage products, making mortgage rates the key lever to improve affordability.

8/24/2023

Mortgage rates leap to 22-year high

The average rate on a 30-year fixed mortgage has risen to the highest level since 2001, making housing affordability even more difficult for buyers.

9/2/2023

The housing market is stuck: Americans can't afford homes, investors aren't buying property, and economists see little relief ahead

Low inventory, high mortgage rates, and high prices have created a difficult housing market, making it challenging for house hunters to break into the market and leading to a substantial decline in purchases by real estate investors.

9/16/2023

Home Prices Expected to Hit New Highs Despite Worsening Affordability

Housing affordability is expected to worsen due to the delayed impact of higher mortgage rates, with home prices predicted to rise 0.7% year over year and reach a new record high, according to Morgan Stanley.

Topics

Posted 9/2/2023, 12:08:00 AM

It's not just about 'location, location, location' anymore - housing market priorities have shifted

Affordability has become the top priority for house hunters in the US, surpassing the importance of neighborhood, due to high prices and mortgage rates, according to a Fannie Mae survey.

yahoo.com

Relevant topic timeline:

8/22/2023

Americans now need to spend 43% of their income to afford a home as mortgage rates surge to a 23-year high

8/22/2023

Housing market affordability is worse now than at the height of the housing bubble in 2006

8/24/2023

Mortgage rates leap to 22-year high

The average rate on a 30-year fixed mortgage has risen to the highest level since 2001, making housing affordability even more difficult for buyers.

9/2/2023

The housing market is stuck: Americans can't afford homes, investors aren't buying property, and economists see little relief ahead

9/16/2023

Home Prices Expected to Hit New Highs Despite Worsening Affordability