Below-Median Income Households Overcome Rising Costs, Boost Homeownership Rates

Despite facing higher home prices and borrowing costs, below-median family income households have seen a 5.4% increase in homeownership since 2016. Comparatively, the above median-family income homeownership rose only 0.8%. Freddie Mac predicts a 2.9% decline in home prices over the year ending in Q1 2024, and an additional 1.9% decrease the 12 months following.  Despite the anticipated decline in home prices, Freddie Mac predicts that mortgage origination levels will likely remain below levels seen in 2022. Read More