This is a YouTube video titled "🚨 Buying a Home Today is More Affordable than ever before! 🚨" featuring Derek McGowan discussing housing market affordability, interest rates history, and home price trends as of October 27, 2021.
A home in today's market is more affordable than ever before. Yes, you heard that right. So on average each year home prices go up 3 to 5%, right in line with average wage earning increases. And sure, the last year and a half has been pretty wacky. But bigger than that is interest rates. Did you know back in the 80s rates were around 20% making it twice as unaffordable to buy a home? Even in the 90s, rates around 10% making it times and a half more unaffordable to buy a home. The only time it's come close is 2008 when home prices crashed. So today, still more affordable than ever. Don't let the headlines give you sticker shock on your new home.
