Summary
Housing affordability in the U.S. may remain out of reach for years unless several unlikely conditions align. According to Oxford Economics, median-income households can currently afford only about 78% of a typical home’s cost. For affordability to return by 2033, home prices would need to remain flat while mortgage rates fall by about half a percentage point relative to current forecasts. Rising home prices, elevated borrowing costs, property taxes, insurance, and other ownership expenses continue to strain buyers. Economists say the housing shortage, high construction costs, and restrictive local regulations also limit progress, leaving many Americans increasingly pessimistic about homeownership prospects.
Investopedia
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