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Will Affordability Turn The Corner Next Year?

Finding a home that fits your needs wouldn't be difficult if money wasn't a factor. But since most of us have to consider our budget before buying, finding a home can sometimes be challenging – especially in a housing market where costs are rising. That's been the case for most of the past two years, as mortgage rates and home prices both continued to climb. So what's in store for 2024? Well, according to the National Association of Realtors' consumer website, affordability should start to improve next year, giving home buyers a bit of a break. Danielle Hale, the site's chief economist, says there's reason for optimism. “Our 2024 housing forecast reveals the green shoots we've been waiting to see in the housing market and should give buyers some optimism after a grueling few years,” Hale said. Among the improvements, the forecast sees lower mortgage rates in the new year, as well as softening prices. Together, that should result in lower costs for buyers. In fact, the typical monthly cost for a median-priced home is expected to be slightly less than $2,200 a month, after reaching almost $2,300 a month in 2023.


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