Three Key Factors Affecting Home Affordability

Nov 14, 2022

Home Blog Three Key Factors Affecting Home Affordability

Listen up because I want to teach you what these are. There is so much in the media, so working with a trusted agent will give you current info specific to your market. Here are the three factors that impact home affordability:

  1. Rates – We know rates have consumed our housing market media as of late due to their rapid rise since January…just about a 4% rise, but there are other factors that affect affordability. Rates did drop this last week.
  2. Home prices shot up during the pandemic. They went up quick but they have recently started to decelerate which will create a more balanced market. 
  3. Employee wages have gone up. They have gone up by around 7% over the last year.

If you want to discuss your specific situation, reach out to me and my team today.

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