Jill On Money: The Struggle to Achieve Housing Affordability

Jill On Money: Housing affordability still tough. 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 economy afloat during a difficult period, it has kept interest rates at historic lows and made borrowing money easier for homebuyers. Unfortunately, this also means that housing prices have increased significantly in many areas as buyers take advantage of these low rates and compete for limited inventory.

The result is an environment where housing affordability remains a challenge despite record-low mortgage rates available today. For those looking to buy their first home or upgrade from their current residence, they must be prepared with a sizable down payment and good credit score to qualify for financing – something not everyone can do easily given current economic conditions across much of America right now.

This situation may change soon though depending on how long it takes until we get back into more normal times economically speaking; however, even then there will likely remain some lingering issues when it comes to affordable housing options due largely in part to supply constraints within certain markets nationwide which could continue driving up prices regardless of what happens with interest rate policies going forward from here on out.