International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

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Volume 8 Issue 3
May-June 2026

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Housing Affordability, Interest Rates, and Household Debt: Evidence from Emerging Markets

Author(s) Mr. Dhruv Agrawal
Country India
Abstract Housing affordability has emerged as a major economic challenge in emerging markets due to rising property prices, increasing interest rates, and growing household indebtedness. Following the post-pandemic inflationary period, central banks across emerging economies adopted tighter monetary policies, resulting in higher borrowing costs and reduced mortgage affordability. This paper examines the relationship between housing affordability, interest rates, and household debt in emerging markets, with a focus on countries such as India, Brazil, Indonesia, and South Africa. The study analyzes how changes in monetary policy influence mortgage burdens, debt accumulation, and housing demand. Using secondary macroeconomic and housing market data, the paper finds that rising interest rates significantly reduce housing affordability while increasing financial pressure on middle-income households. The study also highlights structural challenges such as income inequality, urbanization, and inadequate housing supply that worsen affordability conditions in developing economies. The paper concludes with policy recommendations aimed at improving housing accessibility and maintaining financial stability.
Keywords Housing affordability, Interest rates, Household debt, Emerging markets, Mortgage financing, Monetary policy, Housing prices, Real estate economics, Financial stability, Urbanization, Mortgage burden, Housing market, Household leverage, Economic development, Central bank policy
Published In Volume 8, Issue 3, May-June 2026
Published On 2026-05-26
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E-ISSN 2582-2160
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