Discussion Paper

Declining Affordability and Home Purchase Borrowing by Lower Income Households

Abstract: Recent increases in interest rates, combined with the rapid rise in house prices over the past two years, have eroded the affordability of homeownership. This note provides evidence that home purchase borrowing by below-average income households has fallen precipitously in 2022.

https://doi.org/10.17016/2380-7172.3160

Bibliographic Information

Provider: Board of Governors of the Federal Reserve System (U.S.)

Part of Series: FEDS Notes

Publication Date: 2022-07-08

Number: 2022-07-08