Discussion Paper

Housing Affordability Challenges for Renters and Homeowners in the Rural Fifth District


Abstract: As previously discussed in this blog, homeownership affordability has been on the decline in rural communities throughout the Fifth District. The combination of elevated home prices and rising mortgage rates have made homeownership harder to achieve. But affordability challenges aren't limited to prospective homebuyers. Many existing rural homeowners and renters — especially low-to-moderate income (LMI) households — are burdened by their housing costs.

Keywords: 5th district; housing affordability; Housing tenure;

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Provider: Federal Reserve Bank of Richmond

Part of Series: Regional Matters

Publication Date: 2023-09-07