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Housing affordability in America is its worst in nearly a decade, and there's one clear culprit

Housing affordability in America is its worst in nearly a decade, and there's one clear culprit

The reason affordability worsened so much — higher mortgage rates — is a mixed bag in terms of what it means for the housing market.

That's because the decision to buy a home is not influenced solely by the level of interest rates. Buying a home is about more than just making an investment — for some it can be about fulfilling a lifelong dream, putting down roots, and leaving something tangible for future generations. And so, a few hundred dollars extra every month is unlikely to deter many first-time shoppers who have found their dream home.

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