The Headline: A Meaningful Improvement A recent Zillow analysis, highlighted by Fox Business, claims that: Median-income households can now afford a $331,483 home with 20% down. Typical mortgage payments (excluding taxes and insurance) are 8.4% lower than a year ago. Purchasing power has increased by over $30,000 compared to last year. Affordability is at its strongest level since March 2022. On paper, that sounds encouraging. Mortgage rates have dipped from nearly 7% to around 6.1%. Wages have ticked higher. In high-cost metros like San Jose and San Francisco, buyers have theoretically gained tens of thousands of dollars in buying power. But here’s what you need to understand: Improvement from crisis-level lows does not equal affordability. The Fine Print Most People…
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