{"id":5206,"date":"2023-11-16T05:30:00","date_gmt":"2023-11-16T11:30:00","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/people-are-still-moving-even-with-todays-affordability-challenges\/"},"modified":"2023-11-16T05:30:00","modified_gmt":"2023-11-16T11:30:00","slug":"people-are-still-moving-even-with-todays-affordability-challenges","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/people-are-still-moving-even-with-todays-affordability-challenges\/","title":{"rendered":"People Are Still Moving, Even with Today\u2019s Affordability Challenges"},"content":{"rendered":"

\"People<\/p>\n

If you’re thinking about buying<\/a> or selling<\/a> a home, you might have heard that it\u2019s tough right now because mortgage rates<\/a> are higher than they\u2019ve been over the past few years, and home prices<\/a> are rising. That much is true. Take a look at the graph below. It breaks down how the current affordability situation stacks up to recent years.<\/p>\n

 <\/a><\/p>\n

<\/p>\n

The National Association of Realtors<\/em> (NAR) explains<\/a> how to read the values on the graph:<\/p>\n

\u201cTo interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home.\u201d<\/em><\/p><\/blockquote>\n

The black dotted line represents that 100 value on the index. Essentially, the higher the bar, the more affordable homes are. As you can see, the orange bar for today shows higher mortgage rates and home prices have created a clear challenge. But, while affordability is definitely tighter right now, that doesn\u2019t mean the housing market is at a standstill.<\/p>\n

According<\/a> to NAR, based on the pace of sales right now, just under 4 million homes will sell this year. With some simple math, let\u2019s break down what that really means for you:<\/p>\n