Source: 24/7 Wall St —
The housing market’s days of increasing prices every month are over. A two-year period when home prices rose by 20% each month year over year has been undermined by high mortgage rates that have doubled to about 6%. Affordability, defined mostly by the relationship between median income and median home prices, becomes a huge burden when mortgage rates increase monthly mortgage payments by hundreds of dollars. Based on these yardsticks, Toledo stands out as the most affordable market.
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