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2022 Housing Crisis in America is No joke! (From Rent to Mortgage to Shortage to Zoning Issues)

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In America, today’s 7 per cent rate for a 30-year mortgage, coupled with a median home price of $390,000, yields a monthly mortgage repayment of $2,600; a whopping 53 per cent increase since last December, when both rates and prices were less. The affordability of housing, a function of home prices and personal incomes as well as interest rates, is becoming a political hot-button issue ahead of the midterm elections.

While wages have been increasing as the pandemic has eased, they have failed to offset rising energy, housing and food costs. Although expectations of house price falls are growing, as rates rise, affordability is still expected to be a long-term challenge, especially for first-time buyers and the young. Some factors behind soaring property values are common across the US and other advanced economies. Declining interest rates helped to fuel demand and prices, but in many places so did constrained land supply, zoning issues, and over-regulated markets…

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