Just 30% of households qualify to buy a 410,000 median price home. Therefore, to get a typical American to have a mortgage payment to income ratio at the historical level of 30%, Housing prices would need both to fall by 15% and mortgage rates would need to come down by 100 basis points. And mortgage rates right now when I did this they were at 630, but they're probably 622 or something like that today. (38:54–39:12)
CLAIM
Asserts that housing prices need to drop by 15% and mortgage rates by 100 basis points to reach affordability.
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