Newschannel9 in Chattanooga reported on the latest white paper from the Center for Regional Economics on trends in housing affordability. The research was done by CRER director and chief economist Howard Wall, who was interviewed for the story.
“House prices rose about the same or the median house price, then the affordability problem, at least today, is not as big a problem on that front locally than it is nationally,” Wall says.
“The mortgage rates are about double what they were in 2019, 2020, and that’s the biggest problem with housing affordability, is paying for the mortgage, not the house price relative to, you know, people’s income.”