Affordable US Metros Continue to Attract Potential Homebuyers in 2023
October 27, 2023
Many potential U.S. homebuyers have relocated to less-expensive areas near their former residences so far in 2023.
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Archana Pradhan holds the position of principal, economist as part of the Office of the Chief Economist at CoreLogic. With years of experience in housing economics, applied econometrics and spatial analysis, she is responsible for analyzing housing and mortgage markets.
Prior to joining CoreLogic, she was program manager and senior research analyst at the National Community Reinvestment Coalition. She earned her doctorate in natural resource economics from West Virginia University.
Many potential U.S. homebuyers have relocated to less-expensive areas near their former residences so far in 2023.
People of Hispanic origin are projected to comprise an exceptionally large proportion of first-time homebuyers over the next 15 to 20 years.
Mortgage buydown activity increased late last year as interest rates rose but has begun to slow in 2023.
As mortgage rates continue to tick up, HELOC activity is slowing.
The share of U.S. homebuyers who are taking out ARM loans has risen significantly since the height of the pandemic.
In the U.S., the cities most vulnerable to climate change are also the ones where home prices are appreciating faster than the national rate.