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Housing Affordability is Still a Challenge, but Improving; Rates Sending a Warning

Housing Affordability is Still a Challenge, but Improving; Rates Sending a Warning

The National Association of Home Builders' (NAHB') Housing Trends Report for the second quarter of 2020 found slightly less than a quarter of prospective home buyers could afford a median-priced home in their local markets, leaving 77 percent shut out. However, Rose Quint, writing in NAHB's Eye on Housing blog, calls that an improvement from a year ago when only 20 percent could buy. She says that lower interest rates are responsible for the change. There is remarkable similarity across generations. Among Gen Z, Millennials, and Boomers, 76 percent of buyers can afford fewer than half the homes for sale in their markets. Among Gen X buyers the share is even higher, 78 percent. There was also little difference in affordability across regions. Quint says the data for the report was collected
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