Expert shares tips for affordable home buying amidst high mortgage rates.

Housing affordability is still a challenge for buyers, with people paying a greater share of their income towards housing than historically. To bring affordability back, incomes need to rise, rates need to lower, or home prices need to decrease. While incomes are growing, mortgage rates and home prices remain sticking factors. Homebuilders are offering buydowns to buyers who need a lower rate, and new construction is representing a bigger share of the inventory available for sale. However, at least 17.1 million more new homes need to be built over the next decade to meet rising demand. The lack of previously owned homes up for sale is also a big inventory problem.