If you want to see the effects of the Federal Reserve’s interest policy over the past three years, look no further than the nation’s residential real estate market. In its effort to keep the econom…
If you want to see the effects of the Federal Reserve’s interest policy over the past three years, look no further than the nation’s residential real estate market.
Although activity may have bottomed, there are still problems that leave the residential market out of whack. In January 2020, just before the pandemic hit, the total payment as a share of income stood at 28.4%, a level that was considered “affordable.” Three years later in January 2023, that share jumped to 38.6%. The combination of higher prices and rising interest rates more than dwarfed income gains .
If you are staying put and want to make improvements that will make your current home more livable, the National Association of Realtors has found that the projects that bring the most joy are: painting, refinishing floors, closet renovation, and upgrading kitchens, bathrooms and laundry areas.
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