Housing affordability lowest it's been in 17 years.

According to a recent report by the Chicago Association of Realtors, housing affordability in Chicago is at its lowest point in 17 years. This is due to a combination of rising home prices and interest rates. The affordability index for houses in the city reached its lowest level since 2007, while condos and townhouses also experienced a decline in affordability. The report suggests that the current affordability situation is likely worse than previous years due to higher mortgage interest rates. The Federal Reserve's attempts to control inflation through rate increases have not been effective in the housing sector. Despite low inventory, households in need of housing are still purchasing homes, albeit at a premium price and higher interest rates compared to three years ago. [Extracted from the article]