The American dream of owning a home continues to become more of a pipedream, according to new data from two sources. But bad news on that front might be good news in multifamily, single-family rental, and build-to-rent.
According to the National Association of Realtors and its Housing Affordability Index, housing affordability fell month over month in January. Compared to December, monthly mortgage payments increased by 3.4% while median family income was up only 0.5%.
In a year-over-year look, the news is worse. "Compared to one year ago, affordability declined in January as the median family income fell by 4.5% while the monthly mortgage payment increased 27.0%," the NAR analysis said. "The effective 30-year fixed mortgage rate was 3.51% this January compared to 2.79% one year ago, and the median existing-home sales price rose 15.9% from one year ago."
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