How Much Worse Can Home Prices Get? 🏠

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How much worse can home prices possibly get?
The MEDIAN age of a first home buyer is now approaching forty, not even accounting for the people who will never buy a house,
1% down mortgages are becoming increasingly common and so too are 40 year terms,
The median family now needs to spend almost 40% of their income to cover the median loan repayment and that’s BEFORE counting income taxes and other expenses like insurance, property dues and maintenance.
In certain cities this number is over 90%! (which effectively just means that the average family cannot afford the average home).
For most people, the only feasible way to BUY a house, is to have just SOLD a house, with first time buyers now representing the smallest share of the market since economists started collecting this data over 4 decades ago…
These numbers are… not great… but at least they seem to suggest that affordability can’t get any worse… right?
Well I hate to break it to you…
BUT there are a LOT of emerging factors that could make home prices… much… much worse.