Declining Affordability and Home Purchase Borrowing by Lower Income Households

Daniel R. Ringo
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Daniel R. Ringo: https://www.federalreserve.gov/econres/daniel-r-ringo.htm

No 2022-07-08, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Recent increases in interest rates, combined with the rapid rise in house prices over the past two years, have eroded the affordability of homeownership. This note provides evidence that home purchase borrowing by below-average income households has fallen precipitously in 2022.

Date: 2022-07-08
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2022-07-08

DOI: 10.17016/2380-7172.3160

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