Based on mortgage rates, home prices, and average hourly earnings, it currently takes roughly 64 hours of work to cover a monthly mortgage payment.
While affordability is worse now than it was during the ultra-low rate environment in the years after the financial crisis, homeowners are sitting on a boatload of equity.
After a huge move higher in listing prices in the first two years after Covid hit in early 2020, we've seen prices flatline.
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Based on mortgage rates, home prices, and average hourly earnings, it currently takes roughly 64 hours of work to cover a monthly mortgage payment.
