Although homeownership expenses as a percentage of income now stand at their highest level since 2007, there is a scenario where affordability improves as we move through 2023, according to a report this week from real estate data curator ATTOM.
Its executive vice president of market intelligence Rick Sharga said wage growth continues to be strong; home prices appear to have stabilized and are even going down slightly; and mortgage rates may have peaked for this cycle and could go down gradually next year.
"If those conditions remain in place, the affordability picture is much brighter for a lot of potential buyers," he said in prepared remarks.
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