The real problem: People buy a monthly payment - not a price. Rising mortgage rates kill prices. Frankly, if I had any “investment” property or lived in a home that is way beyond my means, I’d sell IMMEDIATELY. Let the high rates kill prices, get back in, and then refinance when rates come down.
It’s OK, fearporn will save us.
Unaffordable for “average” people, but quite affordable for those who can get funds at negative real interest rates. The divide widens as if by design.
FTA: Home ownership has become simply unaffordable
In California the average single home price is over $800,000 ! and that is a single story with no basement and not much of a yard.