Housing affordability is improving, but it's not the same story for renters. 

New CoreLogic data for the fourth quarter of last year shows falling property values, rising incomes and lower mortgage rates have seen affordability at its best level since pre-Covid. 

It says the median home value is around seven times the median annual household income, well down from the market peak in 2021. 

But renters are still facing some strife, with the rent-to-income ratio at a record 28%. 

Chief property economist Kelvin Davidson told Mike Hosking this is due to previous increases in rents. 

He says rents tend to flatten off more than fall, and that's what seems to have happened over the past year and a half. 

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