The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.3% in March. The pace of personal income growth slowed after reaching a 0.8% monthly gain in October. Gains in personal income are largely driven by increases in compensation, personal income receipts on assets, and rental income. Real…
As described in a previous post, NAHB’s recently released its 2023 Priced-Out Estimates, show that 96.5 million households are not able to afford a median priced new home, and that an additional 140,436 households would be priced out if the price goes up by $1,000. This post focuses on the related U.S. housing affordability pyramid,…
Private residential construction spending declined 0.6% in February, as spending on single-family construction decreased 1.8%. Spending declined for the ninth month in a row amid elevated mortgage interest rates. Consequently, private residential construction is 5.7% lower compared to a year ago. The monthly decline is largely attributed to lower spending on single-family construction, which has…
New NAHB 2023 Priced-Out Estimates show that 96.5 million households are not able to afford a median priced new home, and that additional 140,436 households would be priced out of the new home market if the price goes up by $1,000. This post presents details regarding how interest rates affect the number of households that…
NAHB recently released its 2023 priced out estimates, showing how higher prices and interest rates affect housing affordability. The new estimates show that 96.5 million households are already not able to afford a median priced new home in 2023 due to the fact that their incomes are insufficient to qualify for the required mortgage under…
Private residential construction spending declined 0.6% in January, as spending on single-family construction decreased 1.7%. It declined on the eighth month in a row amid elevated mortgage interest rates. Moreover, private residential construction is 3.9% lower compared to a year ago. The monthly decline is largely attributed to lower spending on single-family construction, which has…
