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Housing affordability Hits the Lowest Point Since the 1980’s

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Ridgewood NJ, Housing affordability has plummeted to its lowest point since the 1980’s, presenting a grim picture for prospective buyers grappling with steep mortgage rates and skyrocketing home prices.

Yet, the challenges extend beyond the realm of mortgages. Non-mortgage expenses, including property taxes, maintenance, utilities, and home insurance, now constitute more than half of the overall cost of homeownership, adding to the financial strain.

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In California, property taxes have surged by nearly 23 percent since 2019, despite the protective measures of Proposition 13. Similarly, in Charlotte, N.C., the average property tax spiked by 31.5 percent from 2022 to 2023, while in Indianapolis, it witnessed a nearly 19 percent increase. These sharp rises in property taxes compound the already burdensome costs associated with homeownership, exacerbating the affordability crisis for residents across various regions.

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7 thoughts on “Housing affordability Hits the Lowest Point Since the 1980’s

  1. Thank you democrats!

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  2. Especially in Ridgewood, can you imagine another three years? How much is the average home going to be $1 million?

    1. $1 million for a home is not that much, when you consider a loaf of bread will around $600,000.

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  3. I built a house in 1983
    The fixed rate mortages were 18 percent
    The variable ratea morgtgages were 13.75 percent
    quit whining about prices you had a run of free money with 3-4 percent mortgages for years

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  4. In 1978, I thought I got a deal with a 9% mortgage. And that followed more than a month of nail biting.

  5. I don’t give a shit anybody says Ridgewood is overrated.

    1. Oh, it definitely is. But so is everywhere else.

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