In Portland, a house with a 20% down payment and a 30 year mortgage was around $2500/month in 2021. That same house under the same payment plan is now $4500/month. Is it any surprise that folks can’t afford an additional $2k/month in housing expenses, particularly when layoffs are happing across the public and private sectors every month?
Home sales are down. So why are prices at an all-time high?
Those with equity in a home can trade up more easily, while many first-time homebuyers are still stuck on the sidelines.
npr.org