https://www.cnn.com/2023/08/25/homes...oan/index.html
"Zillow to offer a 1% down payment loan program."
"Home buying is the least affordable it has been in nearly 40 years. With mortgage rates crossing over 7% in recent weeks and home prices rising, home sales have plummeted over the past year. Prices are staying high because inventory remains stubbornly low as climbing mortgage rates are keeping people who have ultra-low interest rates from wanting to sell."
So back in the 70s/80s/90s when rates were in double-digits and upwards of 20% AND when income standards were lower, homes were more affordable? Absolute nonsense.
I do agree with the latter statement of prices staying high due to low inventory.
"Many housing markets are in the midst of an affordability crisis."
Not sure what context this was meant in. If in terms of rates, absolutely wrong. I will say that in the state of FL, many insurance companies are exiting and no longer underwriting policies, and the ones remaining are charging a hefty premium, so in terms of insurance, yes, it is not affordable.
Lastly, if potential homeowners are worried about coming up with a down payment, they should know this is only a part of the equation. Out of pocket costs to the buyer (aside from DP) also includes inspection, appraisal, and closing costs (which is anywhere from 3% to 6% of the purchase price).