Bad News, Good News?

Posted By: Stephanie Beeman Blog,

In January, housing affordability fell, with mortgage payments increasing by 3.4%, according to the National Association of Realtors. The picture is worse looking year over year, in which monthly mortgage payments increased 27% - coupled with a decline in median family income of 4.5%.

Wages have not kept up with inflation, so that families who should theoretically be able to afford a median-priced home are finding that it takes more than 25% of their income to pay mortgage payments.

While these conditions are driving millions of family out of the buyer's market, rental remains their only option which is keeping demand high for multifamily apartments.

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