Buying a home has become more affordable in 2024 compared to previous years. Several factors contribute to this trend, ranging from favorable interest rates to various incentives and market conditions. This presents an opportune moment for those considering homeownership to explore the current market offerings and potentially secure a more cost-effective investment.

Some Highlights

  • Home affordability really comes down to three main things: how much the mortgage rates are, what the home prices are like, and how much people are making in wages.

  • It looks like mortgage rates have decreased from their recent high, and it's expected that home prices will rise more slowly. Also, wages are increasing at a faster rate than usual.

  • That's great if you're looking to purchase a home because it indicates that it's becoming more affordable.