What does affordability look like to you?
A list of the “Top 10 Affordable Cities for Middle-Class Homebuyers” certainly sounds promising for buyers chasing affordability – but what does that actually mean?
Affordability differs from market to market, and the homebuying equation is still complex. Factors like rising rents, high inflation and economic uncertainty are still impacting buyers across the board. That said, inventory is ticking up gradually in some markets, which could relieve some pressure on buyers.
But it’s important not to focus solely on the state of the current market. Ultimately, defining what affordability means to you requires an understanding of your own finances and some planning ahead – great places to start if you haven’t already.
– Robert Heck, Vice President of Mortgage @ Morty
Want to know what you can afford?
Read more of Robert’s recent insights:
In case you missed it…
- Is an extended mortgage rate lock a good option for you? Check out this primer for some pros and cons.
- In thinking about affordability, low-down payment options like HomeReady could be worth considering.
- We now offer more competitive pricing on loan amounts between $100,000 and $300,000. Get started with your personalized loan options.