Depending on the local jurisdiction and price, this could mean that houses are 20% more affordable today than in 2008, modulo down payments.
Chart: https://fred.stlouisfed.org/graph/?g=GMT0
Formula used: https://www.wallstreetmojo.com/mortgage-formula/
Fred formula:
a = Median Sales Price of Houses Sold for the United States (MSPUS)
b = Consumer Price Index for All Urban Consumers: All Items in U.S. City Average (CPIAUCSL)
c = 30-Year Fixed Rate Mortgage Average in the United States (MORTGAGE30US)
a/b * (c/100/12) * (1+c/100/12)^(30 * 12) / ( (1+c/100/12)^(30 * 12) - 1)
PS: Similar could be said for everything (e.g. stocks). Buying an overvalued asset using debt might be cheaper than before.
this? https://awealthofcommonsense.com/2021/03/what-if-housing-pri...
Homeowners that locked in 30-year fixed rates might not be too concerned at first. But eventually, even they may need to move or sell someday. Wages or buying power will need to catch up to avoid some downward price pressure.