The Hill, March 3, 2023, Housing Affordability Hits Historic Low
“Many millennials were able to buy homes before or during the pandemic homebuying boom, but many others were priced out of homeownership and forced to keep renting,” Marr added.
This was due largely to a combination of persistently high prices and surging mortgage rates, which peaked late last year.
Yelena Maleyev, an economist with KPMG, told The Hill the duo of high prices and high mortgage rates have drastically eroded affordability even though prices have come down from the pandemic peak.
