In the third quarter of 2023, fewer homebuyers were able to purchase a home due to affordability pressures. Those who did manage to buy a home made higher down payments, new data shows.
Some of the reasons for the decline in homebuyers include:
-The prices of homes continue to rise, while incomes have not increased at the same rate
-The cost of living, including the cost of healthcare, childcare, and education, has gone up
-There is less available credit due to stricter lending standards
As a result of these factors, many potential homebuyers are opting to rent instead of purchase a home.
You can read this full article at: https://www.housingwire.com/articles/fewer-buyers-were-in-market-q3-borrowers-made-higher-down-payments/(subscription required)
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