Twenty-five apartments in Pittsburgh’s Knoxville neighborhood will remain affordable for low-income residents for at least 40 years after the city’s Urban Redevelopment Authority board last week approved the first loan from its new Housing Preservation Program.

The frenzied bidding wars of the pandemic-era real estate market are long gone. Home loans cost 7% today, and cautious buyers must make every dollar count. While there are still plenty of hot markets, expensive mortgages equal reduced purchasing power, and sellers are slashing their asking prices as costly loans force buyers to lower their offers.