The US housing market faces an ongoing affordability crisis, with 56% of households only able to afford homes below $300,000, far below the median home price of $434,100.
Higher mortgage rates and homebuilder incentives are exacerbating the issue, with Lennar's incentives reaching 12.9% of sales price last quarter.
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Housing affordability affects a large portion of the US population, impacting economic stability and growth
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