Housing affordability takes another hit as mortgage rates continue to rise.
Home prices rose in August as low inventory pushed up prices. Median-priced single-family homes and condos are becoming unaffordable compared to historical averages in 99% of the counties in the U.S., according to a recent analysis by real-estate data company Attom.
“‘The dynamics influencing the U.S. housing market appear to continuously work against everyday Americans.’” “With basic homeownership now soaking up more than a third of average pay, the stage is set for some potential buyers to be priced out, which would reduce demand and the upward pressure on prices,” Barber added. “We will see how this shakes out as the peak 2023 buying season winds down.”
Attom calculates housing affordability based on wage data from the Bureau of Labor Statistics as well as homeownership expenses, including mortgage payments, property taxes, and insurance premiums, for a median-priced single-family home. They also assume the buyer is putting down 20% and a 28% maximum debt-to-income ratio.
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