Housing prices are growing more unaffordable in the U.S., as high mortgage rates and rising home prices put ownership out of reach for millions of Americans.
That’s according to a new report published by real estate data provider ATTOM, which examined 572 U.S. counties and determined that median-priced homes in about 80% of those areas are out of reach for the average income earner, who makes about $71,214 annually.
“The latest affordability data presents a clear challenge for home buyers,” said Rob Barber, CEO of ATTOM. “While home prices are increasing and mortgage rates remain relatively high, these factors are making homes less affordable.”
Affordability is worsening across the country, thanks to a second-quarter spike in both home prices and mortgage rates. Combined, the two have helped to push the typical portion of average wages nationwide required for major homeownership expenses up to 35.1% – the highest level since 2007.
Click here to read the rest of the article written by Megan Henney over at Yahoo Finance
