Between low rates, which allows people to have more spending power, rising prices, and rising rental rates home affordability is quite difficult for the majority of people. It will be interesting to see what happens when rates go up!
"We are seeing flashing yellow lights on affordability. People who are currently renting and want to convert into ownership — major difficulty," said Lawrence Yun, chief economist of the NAR. "Home prices are rising way too fast compared to people's income and wage growth."
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