{"id":1502,"date":"2023-06-24T17:32:50","date_gmt":"2023-06-24T17:32:50","guid":{"rendered":"https:\/\/bluecollarcommercialgroup.com\/?p=1502"},"modified":"2024-02-04T13:20:16","modified_gmt":"2024-02-04T19:20:16","slug":"housing-affordability-factors","status":"publish","type":"post","link":"https:\/\/bluecollarcommercialgroup.com\/housing-affordability-factors\/","title":{"rendered":"Understanding Factors Affecting Housing Affordability Today"},"content":{"rendered":"<h3>By: Kaitie Moore Underwood | REALTOR\u00ae, Blue Collar Commercial Group<\/h3>\n<p>&nbsp;<\/p>\n<p>Housing affordability is a pressing social issue that affects everyone. In today&#8217;s dynamic housing market, buyers face numerous challenges. While mortgage rates play a crucial role, it is important to consider other factors influencing affordability. Let&#8217;s explore these factors based on the latest data.<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Mortgage Rates:<\/strong> Mortgage rates are a key consideration when assessing current home buying conditions. Rates have increased significantly over the past year, rising by nearly 4 percentage points. This represents the largest year-to-date rate increase in over 50 years, as stated by Len Kiefer, Deputy Chief Economist of Freddie Mac. The higher cost of financing a home purchase is making it challenging for many buyers and forcing some out of the market. Monitoring mortgage rate fluctuations and staying informed with the help of a local expert is crucial.<\/li>\n<li><strong>Home Prices:<\/strong> Home prices directly impact housing affordability. The S&amp;P Case-Shiller Home Price Index reveals that home values have experienced five consecutive months of decline. However, it&#8217;s worth noting that prices remain substantially higher than pre-pandemic levels, and there is still a long way to go before home price appreciation returns to more typical levels. While some markets are witnessing slight drops, prices remain high in most regions.<\/li>\n<li><strong>Wages:<\/strong> One positive factor affecting affordability is the upward trend in wages. According to data from the Bureau of Labor Statistics, median weekly earnings for full-time wage and salary workers increased by 6.9% compared to the previous year. Higher wages contribute to making housing more affordable, reducing reliance on public assistance, and boosting state and local tax collections.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>In summary, housing affordability is influenced by several factors, including mortgage rates, home prices, and wages. While mortgage rates are often emphasized, it is essential to consider the broader picture. Homebuyers should take into account wages and home prices when evaluating affordability. The upward trend in wages has been a significant factor driving home purchases this year. Staying informed about the latest trends and changes in the market is best achieved by consulting with a local expert.<\/p>\n<p>&nbsp;<\/p>\n<p>If you want to stay up to date with the most recent trends and changes, reach out to us here at Blue Collar Commercial Group for valuable insights and guidance. Understanding the complexities of housing affordability is crucial when navigating the current market and we can help: 737-203-4178 and <a href=\"mailto:KT@bluecollarcommercialgroup.com\">KT@bluecollarcommercialgroup.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By: Kaitie Moore Underwood | REALTOR\u00ae, Blue Collar Commercial Group &nbsp; Housing affordability is a pressing social issue that affects everyone. In today&#8217;s dynamic housing market, buyers face numerous challenges. [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":1496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/bluecollarcommercialgroup.com\/wp-json\/wp\/v2\/posts\/1502"}],"collection":[{"href":"https:\/\/bluecollarcommercialgroup.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bluecollarcommercialgroup.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bluecollarcommercialgroup.com\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/bluecollarcommercialgroup.com\/wp-json\/wp\/v2\/comments?post=1502"}],"version-history":[{"count":1,"href":"https:\/\/bluecollarcommercialgroup.com\/wp-json\/wp\/v2\/posts\/1502\/revisions"}],"predecessor-version":[{"id":1503,"href":"https:\/\/bluecollarcommercialgroup.com\/wp-json\/wp\/v2\/posts\/1502\/revisions\/1503"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bluecollarcommercialgroup.com\/wp-json\/wp\/v2\/media\/1496"}],"wp:attachment":[{"href":"https:\/\/bluecollarcommercialgroup.com\/wp-json\/wp\/v2\/media?parent=1502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bluecollarcommercialgroup.com\/wp-json\/wp\/v2\/categories?post=1502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bluecollarcommercialgroup.com\/wp-json\/wp\/v2\/tags?post=1502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}