Homes Are More Affordable Right Now Than They Have Been in Years

Dan May • August 13, 2020

Homes Are More Affordable Right Now Than They Have Been in Years

Father and Daughter Outside

Today, home prices are appreciating. When we hear prices are going up, it’s normal to think a home will cost more as the trend continues. The way the housing market is positioned today, however, low mortgage rates are actually making homes more affordable, even as prices rise. Here’s why.

According to the Mortgage Monitor Report from Black Knight:



“While home prices have risen for 97 consecutive months, July’s record-low mortgage rates have made purchasing the average-priced home the most affordable it’s been since 2016.”


How is that possible?



Black Knight continues to explain:



“As of mid-July, it required 19.8% of the median monthly income to make the mortgage payment on the average-priced home purchase, assuming a 20% down payment and a 30-year mortgage. That was more than 5% below the average of 25% from 1995-2003.
This means it currently requires a $1,071 monthly payment to purchase the average-priced home, which is down 6% from the same time last year, despite the average home increasing in value by more than $12,000 during that same time period.
In fact, buying power is now up 10% year-over-year, meaning the average home buyer can afford nearly $32,000 more home than they could at the same time last year, while keeping their monthly payment the same.”

This is great news for the many buyers who were unable to purchase last year, or earlier in the spring due to the slowdown from the pandemic. By waiting a little longer, they can now afford 10% more home than they could have a year ago while keeping their monthly mortgage payment unchanged.

With mortgage rates hitting all-time lows eight times this year, it’s now less expensive to borrow money, making homes significantly more affordable over the lifetime of your loan. Mark Fleming, Chief Economist at First American, shares what low mortgage rates mean for affordability:



“In July, house-buying power got a big boost as the 30-year, fixed mortgage rate made history by moving below three percent. That drop in the mortgage rate from 3.23 percent in May to 2.98 percent in July increased house-buying power by nearly $15,000.”



A map showing the last time housing was this affordable by state

The map below shows the last time homes were this affordable by state: In six states – Arkansas, Iowa, Kentucky, Louisiana, Maryland, and West Virginia – homes have not been this affordable in more than 25 years.



Bottom Line

If you’re thinking of making a move, now is a great time to take advantage of the affordability that comes with such low mortgage rates. Whether you’re thinking of purchasing your first home or moving into a new one and securing a significantly lower mortgage rate than you may have on your current house, let’s connect today to determine your next steps in the process.



By Dan May December 12, 2025
Whether you’re a long-time Angeleno or planning your next move, the Westside continues to stand out as one of the most desirable regions in Los Angeles. Anchored by Beverlywood, Castle Heights, Cheviot Hills, and nearby pockets, this area offers a rare combination of convenience, community, and long-term value that today’s buyers are actively seeking. Here’s a closer look at why so many people are rediscovering these neighborhoods. ________________________________________ The Rise of “15-Minute LA” Living More than ever, homeowners want to spend less time in the car and more time actually enjoying where they live. That’s why the idea of a “15-minute neighborhood” has become so attractive — places where daily essentials are just a short drive or walk away. Westside neighborhoods like Beverlywood, Castle Heights, and Cheviot Hills deliver precisely that. What makes these areas so practical for everyday life: Fast access to major corridors like the 10 and 405 freeways, Robertson, Pico, and Venice Blvd. Proximity to job hubs in Culver City’s growing tech and media district, Century City, and West LA. Walkability to essentials, including cafés, markets, parks, and small businesses. Access to well-regarded schools, which remains a key driver for long-term demand and stability. What used to feel like quiet, tucked-away residential pockets now function as some of the most strategically located neighborhoods in the city. ________________________________________ Local Spots That Give the Westside Its Character The Westside isn’t just about convenience — it’s about the lifestyle that comes with it. Residents love the everyday places that help each neighborhood feel like a community, not just a collection of streets. A few favorites that locals talk about: Blueys Market & Café (Pico) – Known for its Australian-style breakfast, fresh pastries, and a relaxed, neighborhood vibe. Palm Grove Social (Carthay Square) – A community café that doubles as a workspace and social hub for remote professionals. Cheviot Hills Recreation Center – Tennis courts, ball fields, walking paths, and open green space make it a go-to spot for families and active lifestyles. Platform LA & Helms Bakery District (Culver City) – Design-forward shops, showrooms, and destination dining that bring a modern edge to the historic Westside. These aren’t just “nice extras” — they’re part of what keeps these communities in demand, even as other parts of the city fluctuate. ________________________________________ The New Westside Buyer Profile Today’s buyers are more intentional and value-driven than they were a few years ago. They’re evaluating neighborhoods not only on price, but on how well the area supports the way they want to live. Common priorities we see from today’s Westside buyers: Move-in ready homes with functional layouts and updated systems. Outdoor living potential, whether that means a yard, patio, or space for entertaining. Energy-efficient upgrades, from newer windows and insulation to solar and EV-ready garages. Proximity to schools, parks, transit, and services, especially for households that want to reduce commute and car time. Westside neighborhoods align well with these priorities, which is why demand has remained strong and competitive—particularly in Beverlywood, Castle Heights, and Cheviot Hills. ________________________________________ Long-Term Value and Market Stability Even when the broader Los Angeles market experiences ups and downs, the Westside has a history of holding its value. These neighborhoods benefit from: Consistently low inventory – There are only so many homes in these pockets, and people tend to stay for a long time. Steady appreciation over time, driven by location, schools, and lifestyle appeal. Deep community roots, with many residents invested in maintaining the character, safety, and livability of their blocks. Homes here are often purchased for the lifestyle — but kept for decades because of the balance they offer between convenience, comfort, and long-term equity. ________________________________________ Why Work with the Dan May Real Estate Team? Buying or selling on the Westside is about more than just price per square foot. It’s about understanding micro-neighborhoods, school boundaries, local traffic patterns, and where buyers are focusing their attention right now. The Dan May Real Estate Team brings: Hyper-local experience in Beverlywood, Castle Heights, Cheviot Hills, and surrounding areas. Strategic pricing and preparation tailored to what Westside buyers are looking for today. Hands-on guidance through every step of the process, from prepping your home to negotiating the best possible terms. ________________________________________ Thinking About Your Next Move on the Westside? Whether you’re considering selling in the next year or just curious about what your home might be worth in the current market, we’re here to help you make informed decisions. Let’s talk about timing, strategy, and what’s possible for you in Beverlywood, Castle Heights, Cheviot Hills, or anywhere on the Westside.
By Dan May December 2, 2025
Whether you're a longtime resident or considering making a move to the Westside, Beverlywood, Castle Heights, and their surrounding neighborhoods offer a vibrant mix of charm, convenience, and community. Here's a closer look at what makes these areas stand out. 🏡 Beverlywood: A Hidden Gem with Timeless Appeal Beverlywood is known for its quiet, tree-lined streets, traditional architecture, and strong sense of community. Local favorites include: • Circle Park: A private green space exclusive to residents — a unique perk that adds to the area’s charm. • Beverlywood Bakery: An institution for over 70 years, serving fresh pastries and Jewish deli classics. • Proximity to Pico-Robertson's vibrant shopping and dining gives Beverlywood walkable appeal, yet it retains a tucked-away feel. 🏙️ Castle Heights: Small-Town Feel with Big City Access Castle Heights blends old LA character with an affordable entry into the Westside market. Why locals love it: • Cheviot Hills Park & Recreation Center: Great for sports, playgrounds, and family events. • Castle Heights Elementary School: Highly regarded and a major draw for families. • Walkability to Metro's Expo Line offers easy commutes to Downtown LA or Santa Monica. 🌆 Nearby Neighborhood Highlights Cheviot Hills : Offers luxury homes, golf course views, and a peaceful vibe just minutes from the city. Crestview & La Cienega Heights: These up-and-coming pockets are gaining popularity for their central location, charming bungalows, and growing dining scene. Faircrest Heights & Reynier Village: Known for their architectural variety and strong community associations, they offer an appealing alternative to more high-profile areas. ________________________________________ Why the Dan May Real Estate Team? With deep roots in these communities, we don’t just sell homes — we help clients find their place in neighborhoods we know and love. Whether you're buying, selling, or just exploring, we’re here with insight, strategy, and local expertise. Thinking of making a move? Let’s talk about what’s possible in Beverlywood, Castle Heights, or anywhere on the Westside. Dan May Dan May Real Estate Team REALTOR®, Broker Associate Mobile: (310) 739-8647 dan@danmayrealestateteam.com LinkedIn - https://www.linkedin.com/in/dan-may-a161a55/ Instagram - https://www.instagram.com/danmayrealestateteam/ Facebook - https://www.facebook.com/DanMayRealEstate
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