Elevated mortgage rates have strained housing affordability for more than two years. With rates now falling — and more downward movement expected after the Federal Reserve‘s recent interest rate cut — two new reports suggest that affordability is getting better too.

The third-quarter 2024 housing affordability report from Attom says that falling mortgage rates, rising wages and slower home-price growth has made the expenses of buying and owning a home slightly more affordable.

When comparing median-priced homes and average national wages, homeownership expenses take up 33.5% of a typical household budget. That’s a bit better than in details ⇒

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