“Homebuyers need to earn 80% more than in 2020 to afford a house in this market. It’s not just due to high mortgage rates”
March 15, 2024
“…Almost four years ago, a household earning $59,000 annually could afford a new mortgage without spending more than 30% of their monthly income and with a 10% down payment, according to a recent report by Zillow Group. That is no longer the case today…”
https://www.cnbc.com/2024/03/12/why-homebuyers-need-to-earn-more-to-afford-a-home-in-2024.html
One word. Inflation. Also real estate on the commercial side is going to crash eventually. As usual the powers that be are kicking its problems like a can down the road but that’s only delaying the inevitable. When the market starts to crash who knows what kind of effects it will have. In other words the economy is unstable and unsafe. It’s possible the home market crashes as well.