The path to achieving housing affordability presents a formidable challenge. With mortgage rates at 8% and current property prices, the National Association of Realtors (NAR) suggests that a substantial 63% increase in income is required. These figures underscore the pressing need for comprehensive solutions to address the housing affordability crisis, where rising costs and stagnant incomes are creating barriers to homeownership for many.
To make housing affordable, and if rates stay at 8% and prices stay at current levels, income needs to increase by 63%, per the NAR.
— unusual_whales (@unusual_whales) October 27, 2023
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