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First-Time Homeownership Became Less Affordable Across Most of the United States in Recent Years

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Abstract

New homeownership became less affordable across much of the United States over the last five years. Swiftly rising house prices and higher borrowing costs have not been fully offset by wage gains, making homeownership less affordable in both metropolitan and rural areas. Although new homeownership is less affordable than in years past, slower housing price gains and steadily rising wages may offer some reprieve for housing affordability in the coming year.

Suggested Citation

  • Chase Farha & John McCoy & David Rodziewicz, 2025. "First-Time Homeownership Became Less Affordable Across Most of the United States in Recent Years," Economic Bulletin, Federal Reserve Bank of Kansas City, pages 1-4, January.
    • Handle: RePEc:fip:fedkeb:99491
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    File URL: https://www.kansascityfed.org/documents/10657/EconomicBulletin25FarhaMcCoyRodziewicz0115.pdf
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