If you’ve been putting your moving plans on hold because of high mortgage rates or rising home prices, it may finally be time to take another look at your numbers.
According to First American, housing affordability is improving in 39 of the top 50 markets—and that’s now the fifth consecutive month that buying a home has started to get a little easier.
Let’s break down what this means in real dollars and why it could make a big difference for your homebuying journey.
Monthly Payments Are Coming Down
One of the clearest signs of this shift is in monthly mortgage payments.
Recent data from Redfin shows that the typical monthly payment on a median-priced home is now $283 lower than it was just a few months ago.
That’s nearly $3,400 in savings over the course of a year—and while it may not completely change the affordability game overnight, it’s a meaningful difference for your budget.
A few hundred dollars a month could be the gap between feeling stretched thin and comfortably managing your home expenses.
From a home search perspective, this change could even expand your price range. Redfin explains:
“A borrower with a $3,000 monthly budget can now afford a $468,000 home — about $22,000 more than in June.”
That’s a significant increase in buying power and could open the door to homes that previously felt just out of reach.
What’s Behind the Shift?
Two main factors are driving this improvement in affordability:
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Mortgage rates have eased from their highs earlier this year.
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Home price growth is slowing in many markets.
Together, these trends are giving buyers a bit more breathing room.
As Andy Walden, Head of Mortgage and Housing Market Research at ICE Mortgage Technology, notes:
“The recent pullback in rates has created a tailwind for both homebuyers and existing borrowers. We’re seeing affordability at a 2.5-year high.”
Whether you’re a first-time buyer or planning to move into a larger home, these changes could make your next move not just possible—but practical.
The Bottom Line
Affordability is improving across much of the country, and that shift could reset the math on your move.
If you’ve been waiting for the right moment to re-enter the market, this may be your cue. Connect with a local real estate agent or trusted lender to see how today’s rates and prices could impact your monthly payment.
For many buyers, these savings could make all the difference between “not yet” and “let’s go.”