Awful Affordability

With home prices generally reaccelerating and interest rates again testing recent highs, housing affordability is deteriorating. As of 6/22/23, with the 30-year mortgage rate at 6.67% it took $2,258, a record high and nearly 35.7% of median household income, to cover the monthly mortgage payment on a median priced house, assuming 20% down and a 30-year mortgage. Affordability is very close to the 37-year low reached in late 2022.