2.2.24
Harvard University’s Joint Center for Housing Studies released a report that puts the median single-family home sales price at 5.6 times higher than median household incomes. The price-to-income ratio, an indicator of home affordability, has risen significantly from the 2019 level of 4.1. The report suggests that the recent deceleration of home price growth will tend to slow the increase in the price-to-income ratio yet is expected to interact with ‘widespread inventory shortages’ to keep it above historical averages.