Fannie Mae’s Post

In 2023, housing affordability hit an all-time low for the average American, as confirmed by recent data. According to analysis of Redfin data by Creditnews Research, the average U.S. household could only afford 15.5% of the homes listed for sale in 2023—the lowest percentage on record. In comparison, in 2022, the average household had the financial capacity to purchase 20.7% of homes on the market, and prior to the pandemic, over 40% were within reach. Furthermore, Redfin data revealed that the number of affordable homes for sale reached record lows in 2023, plummeting by 40.9% to 352,500. Link in the comments to read more 👇 #housing #homeprices #useconomy #housingaffordability

An expected impact of the virus crisis was a need for more residential space, as people use homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and housing affordability worsened, the demand for home size has trended lower.

“The global housing affordability crisis” Why it matters: High and rising housing costs mean people have less money to spend on other things, and make it harder for folks to move. At the extreme end, a lack of affordable homes pushes more people into homelessness. State of play: The share of people in OECD countries who say they're satisfied with the availability of good, affordable housing fell to 45% in 2023 from 51% in 2019, according to the Gallup World Poll, an annual survey. #ukhousing #housebuilding #socialhousing #affordablehousing #urbanplanning https://lnkd.in/eH4pzv8z

The affordable housing crisis has been ongoing since the Great Recession. Households across the U.S. are continuously faced with untenable housing costs, and recent statistics from the National Association of Home Builders (NAHB) show that this state of affordability is only worsening. Over 103.5 million American households have been priced out of the market in 2024. What could this mean for the housing industry? Will homes ever become more affordable? Fixr analysts have analyzed the data and weigh in its 2024 Housing Affordability report. Read the full report here: https://lnkd.in/g7KvT84p

From soaring prices to strained budgets, the current housing market is impacting individuals across the country. Find out more about the affordability crisis in this informative read. #Multifamily

From soaring prices to strained budgets, the current housing market is impacting individuals across the country. Find out more about the affordability crisis in this informative read. #Multifamily

From soaring prices to strained budgets, the current housing market is impacting individuals across the country. Find out more about the affordability crisis in this informative read. #Multifamily

From soaring prices to strained budgets, the current housing market is impacting individuals across the country. Find out more about the affordability crisis in this informative read. #Multifamily

The Latest 2024 Housing Affordability Updates & Future Rate Cuts •The likelihood of a rate cut (once predicted for May) is now expected in June. •The amount of rate cuts coming by year-end has declined from 5-6 to just 2-3. •Only 37.7% of homes sold (new and existing) were affordable for median-income families earning $96,300 annually in Q4 of 2023. This is the lowest reading second only to Q3 of 2023 and since NAHB began tracking affordability consistently in 2012. •The most affordable housing markets continue to be in the Midwest and parts of the Northeast. •Research suggests that demographic demand will continue to support upward momentum in home prices for the next 5 to 10 years. #theagencyre #realestate #financing #investing #housingmarket

Check out this analysis on the US housing market: Are we facing an affordability crisis? 🏠💰 Discover fluctuating raw material costs are influencing homebuying in the US. Stay informed and make a with insights from Fastmarkets! Find out more at: https://okt.to/Kte40y