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Mortgage Rates Must Drop Significantly to Restore Housing Affordability, Zillow Study Finds
Mortgage Rates Must Drop Significantly to Restore Housing Affordability, Zillow Study Finds
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U.S. housing affordability hinges on dramatic mortgage rate cuts, with Zillow's research revealing a nationwide need for rates to plummet to 4.43%—far below the current 6.72% average—to align home prices with median incomes. The analysis assumes a 20% down payment and defines affordability as monthly payments consuming less than 30% of household income.
Regional disparities paint a starker picture: Dallas and Nashville require 2-percentage-point dips, while Pittsburgh and Birmingham remain accessible even with marginally higher rates. Coastal metros like New York and Los Angeles defy solutions—their million-dollar median home values WOULD stay out of reach even with zero-interest loans.
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