Discussion Paper

Nonmetro Homeownership Affordability in Decline

Abstract: In recent years, home price growth exceeded household income growth nationally and in the Fifth District. Paired with rising interest rates over the past two years, this has considerably reduced affordability of homes on the market for the typical household.

Keywords: Housing; 5th district; House price index; house price growth;

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Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Regional Matters

Publication Date: 2023-07-06