Housing affordability will increase if wages rise while housing prices remain stable.
"wages could go up and housing prices stay the same. If housing prices stay the same, if people start making more money, well, now housing starts to become more affordable."
Housing affordability will improve if mortgage rates decrease while home prices remain constant.
"If you can get a lower mortgage rate while house prices stay the same, well then housing becomes more affordable because you can borrow the money to buy that house at a lower interest rate."