A homebuyer on a $3,000 monthly budget can only afford a $429,000 home with a 30-year fixed mortgage rate of around 7.3%. That buyer lost $71,000 in purchasing power since August 2022, when they could’ve afforded a $500,000 home with an average rate of around 5.5%. In December 2020, that same buyer could’ve afforded a $629,000 home.
In Album: Hyla's Timeline Photos
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