If you’ve been holding off on your move because of high rates or rising prices, now might be a good time to take another look at your numbers. According to First American, affordability is improving in 39 of the top 50 markets—and this marks the fifth month in a row that buying a home has gotten a little easier.

Let’s talk real dollars so you can see how this shift might impact your move.

💸 Monthly Payments Are Coming Down

One of the clearest signs things are improving is in monthly payments. The latest data from Redfin shows that mortgage payments on a median-priced home are now about $283 less per month than they were just a few months ago (see graph below).

That might not sound huge at first, but it adds up—nearly $3,400 a year in savings.

While that might not completely change the affordability picture overnight, it can make a real difference when you’re planning your homebuying budget. A few hundred dollars can be the line between feeling stretched and feeling comfortable.

And when it comes to your home search, that difference could even bump you up to a higher price range. As Redfin explains:

“A borrower with a $3,000 monthly budget can now afford a $468,000 home, about $22,000 more than in June."

That’s a pretty big deal if you’ve been struggling to find something you love within your budget. A little extra wiggle room can open up more options and help you zero in on the home that really fits you.

No matter how you look at it, that’s a win. 🙌

What’s Behind the Change?

A couple of key factors are working in your favor right now:

Mortgage rates have eased up from their highs earlier this year
Home price growth has started to cool in many areas

Both of these shifts can make a noticeable difference in your buying power and give you some breathing room in your budget. As Andy Walden, Head of Mortgage and Housing Market Research at ICE Mortgage Technology, puts it:

“The recent pullback in rates has created a tailwind for both homebuyers and existing borrowers. We’re seeing affordability at a 2.5-year high . . .”

Whether you’re buying your first home or thinking about upgrading to something bigger, the changes we’re seeing this year could make your move a real possibility. Talk with a trusted agent or lender to find out what your monthly payment might look like with today’s rates — you might be pleasantly surprised.

For many buyers, these savings are the difference between saying “not yet” and “let’s do this.”

Bottom Line

Affordability is improving in a lot of markets, and that could completely change the math on your move.

If you’ve been waiting for the right time, this might be it. Let’s take a look at your local numbers together and see how much more buying power you might have compared to just a few months ago.