Homes are now unaffordable in 99% of the US for average Americans

[william]

Housing prices are growing more unaffordable even with the astronomical rise in mortgage rates, putting 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 home prices in 99% of those areas are out of reach for the average income earner, who makes about $71,214 annually.

"The latest trend continues a two-year pattern of homeownership getting more and more difficult for average U.S. wage earners," the report said.

Affordability is worsening across the country, thanks to a third-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%.

Homes are now unaffordable in 99% of the US for average Americans

Housing prices in 99% of U.S. counties are now more unaffordable than ever for the typical American, thanks to the astronomical rise in mortgage rates.

www.foxbusiness.com

 

[Dr Arthur]

Makes it a problem for me when I sell a currently owned home. Potential buyers greatly reduced so smaller purchaser pool with less likelihood of boosting price so I will get a reduced potential sale price.

 

[Gargolu]

Housing prices are growing more unaffordable even with the astronomical rise in mortgage rates, putting 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 home prices in 99% of those areas are out of reach for the average income earner, who makes about $71,214 annually.

"The latest trend continues a two-year pattern of homeownership getting more and more difficult for average U.S. wage earners," the report said.

Affordability is worsening across the country, thanks to a third-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%.

Homes are now unaffordable in 99% of the US for average Americans

Housing prices in 99% of U.S. counties are now more unaffordable than ever for the typical American, thanks to the astronomical rise in mortgage rates.

www.foxbusiness.com

so the funny thing is house prices were cheap 10 years ago but when all the shifting going on well that all disappeared, then buying land and putting a tiny home on that land is now the new fad.

 

[Six]

Just an observation but, as a General Contractor I would make much more money by purchasing land, putting a home on it and selling it rather than building to plans for a client. What I'm getting at is why aren't more people having homes (particularly starter homes) built rather than trying to buy them at already inflated prices? Delayed satisfaction I know but if you're trying to build wealth you have to be patient.

 

[DescendedDeath]

Housing prices are growing more unaffordable even with the astronomical rise in mortgage rates, putting 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 home prices in 99% of those areas are out of reach for the average income earner, who makes about $71,214 annually.

Don’t know if it’s referring to household income or individual average but if it’s the latter, I know a huge chunk of Americans are below that. I am still sometimes shocked my wife and I were able to even get a house at our age (26 and 28). It’s always a bit tight but we make do.