Hey Friends!
My birthday is this Sunday and in honor of such a joyous occasion, I thought I would celebrate with 5 “not so” fun facts on the housing affordability crisis. Have a great weekend!
Blessings!
Andrew
Fun Fact 1:
To afford the median-priced home in the US today, you now need an income of $126,000 – a record high. What’s the actual median household income? $86,000. That’s a 47% gap, near the highest on record. How did we get here? Skyrocketing home prices combined with skyrocketing mortgage rates.
Source: Charlie Bilello
Fun Fact 2:
The 30-year mortgage rate in the US of close to 7% is at its highest level since January 2025 and more than double the artificially low rates from a few years ago.
Source: Charlie Bilello
Fun Fact 3:
Meanwhile, prices remain elevated, rising over 80% in the past decade. That has far outpaced income growth, leading to an affordability crisis.
Source: Charlie Bilello
Fun Fact 4:
The result: the number of Buyers has plummeted to near record lows while the number of Sellers has slowly increased to a 6-year high.
Source: REDFIN
Fun Fact 5:
The spread between the number of Sellers and Buyers of 58% is a new record high, according to Redfin estimates.
Source: REDFIN
Quote I’m pondering:
“It’s ok to feel scared. That is how you know opportunity is near. And courage can only be demonstrated in the presence of fear.” – Kaizen Asiedu
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Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, an offer to buy or sell any security, or to buy or sell real estate property. Read our full disclosures HERE.