Redfin Report: U.S. Housing Costs Could Return to "Normal" Within 5 Years
Redfin, the brokerage owned by Rocket Companies (RKT), published a research report estimating U.S. housing costs could return to 'normal' within five years if mortgage rates fall to 6% and home-price growth holds at 2.1%. Housing costs are closest to normal in San Jose, Austin, Oakland, Seattle and Portland, while roughly half of analyzed metros — mostly in the Northeast and Midwest — could need a decade or more.
Key figures
- Normal definition
- mortgage-payment-to-income ratio back to 30%, the August 2018 level
- Current price growth
- 2.1% YoY
- Mortgage rate scenarios
- 6%-8%
AI analysis
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