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Home affordability hovers near all-time lows

December 10, 2025

Housing has emerged as one of the most significant stress points in today’s economy, particularly for lower-income households. “As rents climb at a pace faster than overall inflation, these costs consume a disproportionate share of income, leaving little room for discretionary spending,” says Jack Janasiewicz, Portfolio Manager and Lead Portfolio Strategist, Natixis Investment Managers Solutions. “Combined with slowing wage growth, this dynamic creates a widening gap between those who can absorb higher housing costs and those who cannot.”

 

Home Affordability (12/31/00-9/30/25)
Home Affordability (12/31/00–9/30/25) Source: Bloomberg
  • Home ownership affordability is driving the middle-income bracket to begin feeling the financial squeeze, says Janasiewicz.
  • According to the National Association of Realtors (NAR) Housing Affordability Index, home affordability is hovering at all-time lows, while mortgage rates sit at close-to-cycle highs. 
  • The lowest quintile income cohorts spend roughly 72% of their income on housing, transportation and food, notes Janasiewicz.

This material is provided for informational purposes only and should not be construed as investment advice. The views and opinions contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of Natixis Investment Managers, or any of its affiliates. The views and opinions expressed may change based on market and other conditions. There can be no assurance that developments will transpire as forecasted, and actual results may vary.

All investing involves risk, including the risk of loss. Investment risk exists with equity, fixed income, and alternative investments. There is no assurance that any investment will meet its performance objectives or that losses will be avoided. Investors should fully understand the risks associated with any investment prior to investing.

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