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.
Taylor Morrison CEO Sheryl Palmer discusses the headwinds facing the housing market after a drop in August existing home sales on 'The Claman Countdown.'
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. 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%.Maintenance workers mow the lawn in front of a housing development sign near new homes in Fairfax, Virginia, on Aug. 22, 2023.
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