Amy Scott

Because that's a big component of CPI.

It was up 3% annually in January.

It was up 3% annually in January.

But it has been decelerating, and we know that there's a lag between rents and home payments falling and that showing up in the CPI.

But it has been decelerating, and we know that there's a lag between rents and home payments falling and that showing up in the CPI.

What is happening with housing affordability right now?

What is happening with housing affordability right now?

Well, it depends a little bit on how you define affordability, right?

Well, it depends a little bit on how you define affordability, right?

Is affordability about price growth month over month, let's say, or even year over year?

Is affordability about price growth month over month, let's say, or even year over year?

Or is it how much accumulated growth we have seen over a period of time, basically the level?

Or is it how much accumulated growth we have seen over a period of time, basically the level?

And I'm sure people will be glad to know that price growth is decelerating, but it's still growing, you know, quite a bit above where presumably renters would like it to be.

And I'm sure people will be glad to know that price growth is decelerating, but it's still growing, you know, quite a bit above where presumably renters would like it to be.

If you're a homeowner and you want those imputed rents presumably to be increasing.

If you're a homeowner and you want those imputed rents presumably to be increasing.

But if you are a renter or if you are a prospective buyer, 3% price growth is still quite low.

But if you are a renter or if you are a prospective buyer, 3% price growth is still quite low.

quite painful.