The Truth About Affordability Today

Let's be real with each other for a second about affordability. Because you deserve someone who will be honest and transparent about what's going on, especially if you've got a move on your mind.

Here's the full picture of what's happening and why. The good and the bad. Because while mortgage rates are certainly a big part of affordability, they're not the only factor at play.

Mortgage Rates Have Been Rising

After a year or more of rates trending downward, they've started climbing again. And if you're looking to buy, that's probably not what you wanted to see.

Uncertainty is the enemy of mortgage rates.

Lingering geopolitical tensions, inflation concerns, and economic uncertainty have all contributed to recent volatility. Colin Robertson, Founder of The Truth About Mortgage, put it plainly:

"You can't have $100 a barrel oil and not expect inflation to rise, which translates to higher bond yields and mortgage rates."

Take a look at the graph below. It shows just how much rates have moved over the past several months.

It's a sharp contrast from where we were just a few months ago. And it's probably making you wonder: Should I wait?

Maybe. But nobody knows exactly when rates will improve or by how much. Most industry forecasts suggest rates could eventually settle into the low-to-mid 6% range, but dramatic declines aren't widely expected.

If you find a home you love and the payment works for your budget, waiting for lower rates may not always be the best strategy. After all, you can refinance a rate later, but you can't go back and buy a home at yesterday's price.

Affordability in Tallahassee May Be Better Than You Think

National headlines often focus on affordability challenges, but Tallahassee continues to compare favorably to many Florida markets.

According to the latest Census estimates, the median household income in Leon County is approximately $66,287, while the City of Tallahassee's median household income falls between $55,931 and $57,409.

Today, purchasing a median-priced home in Tallahassee requires approximately 30.7% of the local median household income, a level generally considered manageable for many households.

The average monthly mortgage payment on a median-priced Tallahassee home is estimated to range between $1,850 and $2,050, including principal, interest, taxes, and insurance.

For comparison, many renters are paying $2,500 or more per month for a three-bedroom home.

Additionally, nearly 43.8% of Tallahassee-area housing listings remain affordable for households earning the local median income, providing buyers with meaningful options across a variety of neighborhoods and price points.

Existing Home Prices Continue To Show Stability

One of the biggest misconceptions in today's housing market is that home prices are either soaring out of control or headed for a crash.

The reality is somewhere in the middle.

Nationally, home prices have shown remarkable stability over the past four years. And locally, Tallahassee has experienced steady appreciation without the dramatic spikes seen in some Florida markets.

The average sales price in Tallahassee increased from $364,615 in April 2025 to $389,230 in April 2026, a year-over-year increase of approximately 6.7%.

Median sales prices also rose modestly from $329,000 to $340,750 during the same period.

This type of measured growth benefits both buyers and sellers. Homeowners continue building equity while buyers aren't facing the rapid appreciation that made planning difficult during the pandemic housing boom.

Buyers Have More Time To Make Decisions

Another reason affordability feels different today is that buyers finally have options again.

In April 2026:

• Average time to contract was 22 days
• Average time to sale was 61 days
• Sellers received a median of 98.4% of their original asking price
• Inventory levels remained near 3.5 months of supply

These numbers point to a healthier, more balanced market than we've seen in several years.

Well-priced homes are still selling, but buyers typically have more time to evaluate properties, conduct inspections, compare options, and negotiate repairs or seller concessions.

That's a significant shift from the multiple-offer frenzy many buyers experienced in 2021 and 2022.

Bottom Line

Yes, mortgage rates remain volatile, and affordability challenges haven't disappeared.

But that's only part of the story.

Here in Tallahassee, home prices remain more affordable than many Florida markets, nearly 44% of listings are attainable for median-income households, inventory has improved, and buyers have more negotiating power than they've had in years.

If you're wondering what today's market means for your specific situation, let's run the numbers together. A quick conversation can help determine whether buying now or waiting makes the most sense for your goals.