The Pandemic Housing Boom, which pushed national home prices up over 40%, coupled with last year's mortgage rate shock, has resulted in a deterioration of housing affordability.
“Fundamentally, every major housing market in the country is overpriced right now,” Matt Saunders, senior vice president of building products research at John Burns Research and Consulting, told Fortune, adding that this is generally true if you’re looking at it from a housing cost to income ratio.
