With home affordability a prominent topic on the campaign trail, the Atlanta Federal Reserve’s Home Ownership Affordability Monitor reveals that conditions remain relatively unfavorable. The index, which implements an affordability threshold at a reading of 100 (readings above that level suggesting favorable conditions), currently indicates that homes continue to be unaffordable for many. However, one of the key inputs is changes in interest rates. Fed fund futures are currently pricing in several interest rate cuts this year, which may provide some relief for homebuyers.
Chart of the week: Home affordability remains somewhat elusive
Obtaining a home remains out of reach for many, but there are signs of hope.
