Housing Affordability Has New Baseline

Housing affordability isn’t bouncing back — and waiting for rates to drop won’t fix it. Morgan Stanley warns the “lock-in effect” is locking millions in, keeping inventory low while new construction can’t catch up. First-time buyers now face higher incomes, down payments, and credit scores, with average mortgage balances over $330K. Even if rates fall to 4-5%, affordability won’t return to pre-2022 levels. The market’s settled into a tighter, tougher reality — patience won’t work, adaptability will. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/05476407054936b3