Mortgage rates were 7% in 1997, too—here’s why buying a home feels more expensive today
Summary
Although mortgage rates matched current levels in the late nineties, purchasing a standard house demands a significantly larger portion of family earnings today. Even with identical borrowing costs, housing affordability has worsened considerably over the past three decades.
Even at the same mortgage rate, buying a typical home today eats up a much bigger share of household income than it did 30 years ago.
Source: Read the full story at US Top News and Analysis
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