Waiting for housing to feel normal again could require years of patience. But the calendar alone will not fix affordability. Redfin’s October 8 analysis models a return to August 2018 payment burdens. Nationally, that benchmark means housing payments consuming 30% of household income. Metro benchmarks reflect their own 2018 conditions, which were not necessarily affordable. At 7.5% mortgage rates and flat home prices, the national model reaches that threshold in April 2032. At 6% rates with flat prices, it arrives…
MarketChicago
Waiting for “Normal” Home Prices? In Chicago and Other Markets, Relief Could Take a Decade.
Waiting for housing to feel normal again could require years of patience. But the calendar alone will not fix affordability.

