The housing market is crazy expensive, but Morgan Stanley says we’re ‘poised for an improvement in affordability that we have only seen a handful of times over the past ~35 years’

The housing market is really expensive—we all know that by now. Affordability is the worst it has been since the 1980s, and that has a lot to do with mortgage rates that reached slightly above 8% following years of historically low rates and home prices that skyrocketed during the pandemic-fueled housing boom. But Morgan Stanley…