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Housing economist tells committee tight inventory, not mortgage rates, is driving Kansas affordability concerns
Summary
Dr. Stanley Longhofer told the committee that mortgage rates around 6% are in a normal historical range, but Kansas faces a persistent shortage of homes and low new-construction levels. He urged policies to increase supply and reduce local permitting delays to lower costs.
Dr. Stanley Longhofer, consulting economist with Kansas Realtors and a Wichita State University professor, briefed the Committee on Commerce, Labor and Economic Development on housing affordability in Kansas.
Longhofer explained the National Association of Realtors’ housing-affordability index and said current 30-year fixed mortgage rates in the low-6% range are consistent with long-run norms; he cautioned that expecting substantially lower mortgage rates would likely…
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