Economic Center Blog
Welcome to the First American Economic Center Blog, a top source for the latest housing market research and analysis driven by Chief Economist Mark Fleming.

Outlook for First-Time Home Buyer Affordability is Mixed, but Affordable Markets Remain

By Ksenia Potapov on May 30, 2023
National housing affordability has broadly declined compared with one year ago, especially for potential first-time home buyers. The median renter, who can also be considered the median first-time home buyer, could afford 34 percent of the homes for sale nationally in the first quarter of 2023, down from 45 percent a year earlier. The decline is ... Read More›

Homeownership First-Time Home Buyer Outlook Report Renter Affordability

Fewer Affordable Options for Potential First-Time Home Buyers as Mortgage Rates Rise

By Ksenia Potapov on October 5, 2022
As mortgage rates have steadily risen, affordability has decreased significantly for home buyers across income levels. However, affordability for the potential first-time home buyer – those currently renting – has faced the most pressure. Nationally, affordability for potential first-time home buyers declined 19 percentage points in June 2022 ... Read More›

Homeownership First-Time Home Buyer Outlook Report Renter Affordability

Where Potential First-Time Home Buyers Can Find Relief from the Affordability Shock

By Ksenia Potapov on August 10, 2022
Following two years of red-hot activity accelerated by pandemic-era dynamics, the housing market is cooling as demand falls in response to a significant decline in affordability. Double-digit house-price appreciation chipped away at affordability as the pandemic-driven supply and demand imbalance fueled competition for a limited inventory of homes ... Read More›

Homeownership First-Time Home Buyer Outlook Report Renter Affordability

How the Ability to Work Remotely is Changing Housing Affordability for First-Time Home Buyers

By Ksenia Potapov on March 2, 2022
Affordability in the U.S. fell in 2021 on a year-over-year basis, as house-buying power was unable to keep up with red-hot nominal house price growth. The decline in affordability was broad based as affordability fell in most major markets across the U.S., yet some markets remain more affordable than others for potential first-time home buyers. ... Read More›

Homeownership First-Time Home Buyer Outlook Report Renter Affordability

Where Do First-Time Home Buyers Have the Best Opportunity to Buy a Home in 2022?

By Ksenia Potapov on January 12, 2022
Unlike the two-thirds of Americans who already own a home, potential first-time home buyers did not benefit from the surging levels of home equity driven by rapid house price appreciation. Just as in 2020, low mortgage rates increased house-buying power and simultaneously boosted demand amid record low levels of homes for sale, further ... Read More›

Homeownership First-Time Home Buyer Outlook Report Renter Affordability

Top Five Cities for Lower-Income Renters to Pursue the Dream of Homeownership

By Odeta Kushi on April 14, 2021
In the fourth quarter of 2020, the median renter experienced a 10 percent boost to their house-buying power relative to one year ago, but the share of homes they could afford to buy declined by 4 percentage points due to rising house prices, according to the First-Time Home Buyer Outlook Report. However, while we recently examined affordability ... Read More›

Homeownership First-Time Home Buyer Outlook Report Renter Affordability