[justjim]

Originally Posted by ThirdOfFive

Possibly. But a 6% drop in housing costs is more than offset by the increase in interest rates. Home ownership in TV is 87.1% but the vast majority of those, nearly 70%, have mortgages (datausa . io). It seems logical to assume that that ratio won't be decreasing any time soon.

Additionally, one must consider the recent RISE in prices when comparing it to the recent drop. Since Quarter 2 2020 to Quarter 2, 2023, the average purchase price of a home in TV has risen from $279,120.00 to the current average price of $406,370.00. That is a 30+% RISE in three years, and coupled with the interest rate increase over the same time period that 6% is negligible.

I seriously doubt in TV that close to 70% of homeowners have a mortgage. My educated guess would be less than 50% have a mortgage. Many sold their house up north, or in TV, and paid cash for their house. In addition, some smart investors bought when the interest rates were low (2.5 or 3.0) took out a mortgage and invested the rest. Just my opinion with no real data backup.