Despite decades of record-setting home sales, owning a home has become increasingly difficult for the average worker. Mortgage interest rates are historically low, yet hourly earnings have failed to keep pace with rising housing costs
Over the past two decades, cities across the U.S. experienced intense makeovers. Despite the dip in home prices during the Great Recession, the gap between housing costs and wages has been growing steadily since 2015.
How far might home sales fall? And how long might transactions remain depressed? As with most questions about the coronavirus crisis, the answers hinge on the duration and the severity of the COVID-19 outbreak.