US housing market is so expensive that incomes would have to spike 55% for it to be affordable

The present housing market is exceedingly costly, and Andy Walden, Vice President of Enterprise Research at ICE, explained in a recent interview with CNBC that it would take one of three extreme scenarios to restore affordability to pre-pandemic levels.

Among these hypothetical scenarios, one would involve a significant surge in U.S. incomes, Markets Insider reported.

“If you look at home affordability itself, and what it would take to normalize the market today, it’s a 35% correction in price, or a 4% decline in rates, or a 55% growth in income,” Walden said. “Some combination of those. Those are massive movements we’re talking about, and none of them are going to happen in a vacuum, and none of those one single factors are going to make the move.”

READ MORE: https://markets.businessinsider.com/news/commodities/housing-market-affordable-income-expensive-black-knight-mortgage-rates-fed-2023-10

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