Amid soaring prices and rents, housing cost to income ratio has barely changed

Affordability is not just about home prices, but also rising incomes. Personal after-tax incomes have increased significantly, contributing to the ability of households to afford higher home prices.

Homeowners can manage increasing housing costs by timing their entry into the market, locking in costs, and refinancing when mortgage rates fall. The ability to seize such opportunities has assisted millions in keeping their housing expenses manageable.

Read at www.housingwire.com