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housing affordability

Real Estate Insight

Rising Costs and Limited Inventory Helped Push Housing Affordability in Q3 2023

Rising mortgage rates, elevated construction costs and limited existing inventory helped push housing affordability in the third quarter of 2023 to its lowest level in more than a decade.

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Real Estate Insight

Demand For Parking At Multifamily Properties In New Jersey Is Below State Guidelines

Demand for parking at multifamily properties in New Jersey is well below what state guidelines require, according to a new study, highlighting the potential to reduce construction costs and improve housing affordability by easing state mandates.

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Performance Property Real Estate Question

How Housing Reform Cut Inflation In Minneapolis

Q: My wife and I have been saving for a down payment for a new home for quite some time. Now, mortgage rates are so high, we can’t afford any of the homes we had our eye on before. We should have bought before mortgage rates rose. What can be done to make housing more affordable? Keith, Winfield, NJ A: Mortgage rates are much higher than they were in the recent past and that does certainly reduce how much you can pay when you buy a home. The Federal Reserve has been actively trying to tame inflation for some time. Since March 2022, the central bank has increased its benchmark interest rate more than 10 times. The most recent inflation […]

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Performance Property Real Estate Question

What Recent Drop In Housing Affordability Index Means

Q: I just read that housing affordability just reached a new low. What does that mean? Cliff, Bergenfield, NJ A: The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home based on the most recent home price and income data. An affordability index above 100 signifies that a family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment. The Housing Affordability Index dropped to 98.5 in June, its lowest rate since 1989. This means that it was more expensive to buy a U.S. home in June than it has been […]

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