In this discussion, I sit down with Norm Miller, Professor Emeritus at the University of San Diego, to talk through a different approach to measuring housing affordability.
We explore how traditional affordability metrics—typically based on home prices, mortgage rates, and median income—may be missing key cost drivers. This analysis takes a broader view by incorporating property taxes, insurance, utilities, and other ongoing expenses that directly impact the true cost of homeownership.
In our conversation, we cover:
Where conventional affordability indexes fall short
The growing gap between existing homeowners and new buyers
The increasing role of insurance and property taxes
Differences in affordability across markets
How migration trends and remote work are influencing housing decisions
What this could mean for investors, policymakers, and housing supply
Overall, this is a look at how affordability is evolving—and how a more complete picture of costs can shape better decision-making moving forward.