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OverviewAPI
The pandemic led to a 41% decrease in affordable homes in the U.S. in 2023, totaling over 243,000 properties. As a result, only 16% of homes were considered affordable, down from 21% the previous year. Mortgage rates doubled in two years, contributing to reduced affordability. New-home construction is projected to increase by 4.7% in 2024 to alleviate the shortage of affordable housing.

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