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Lance Lambert, co-founder & CEO of ResiClub, discusses the housing affordability crisis in the US, factors affecting affordability, and the launch of ResiClub. They explore rising housing prices, stagnant incomes, and potential solutions such as lowering rates or reducing house prices. They also highlight the complexities surrounding monetary policy and construction, questioning if the current situation is the new normal.
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Quick takeaways
- Housing affordability in the United States has reached its lowest point in three decades due to soaring home prices and increased mortgage rates.
- Improving housing affordability requires a decrease in mortgage rates, income growth, or a decrease in housing prices.
Deep dives
Housing affordability is at a historic low
Housing affordability in the United States has deteriorated rapidly, reaching its lowest point in three decades. This is primarily due to the soaring prices of homes relative to incomes and the significant increase in mortgage rates. Homebuyers today are paying up to 120% more for their mortgages compared to buyers just two and a half years ago. The speed at which housing affordability has declined is unprecedented, with a historic overheating of prices during the pandemic followed by a rapid increase in mortgage rates.
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