The recently released National Association of Home Builders 2020 “Priced Out” Estimate reveals that, if the median new home price were to go up as little as $1,000, ~159,000 households looking for a new home would be priced out of the housing market nationwide. That means, based on the household income, the ~159,000 households would be able to qualify for a mortgage to purchase a home before the price increase, but fail to qualify after the price increase. The same survey also shows how rising interest rats can price households out of the new home market as well.
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NAHB 2020 “Priced Out” Estimates