Housing prices in 80% of U.S. counties are now more unaffordable than ever for the typical American, thanks to the astronomical rise in mortgage rates.
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.
In fact, major home ownership expenses on typical homes sold during the second quarter required an annual income of $90,598 in order to be considered affordable – which is more than 25% higher than the average national income. There are several reasons to blame for the worsening affordability crisis. During the COVID-19 pandemic, home prices soared at a pace not seen since the 1970s.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NYC Airbnb listings drop 80% after crackdown -- but effort did not help hotels, housing: reportNew York City is set to begin enforcing a new law on Airbnbs that would crack down on people breaking existing laws. Confused? You're not alone, and a violation could cost you a pretty penny.
Read more »
How American medical institutions helped make D-day a success 80 years ago todayThe Allied invasion of France was one of the most consequential events of World War II. U.S. medical institutions helped make it a success, in Europe and home.
Read more »
Chace Crawford Hilariously Roasts His 'Twilight Vibe’ Look from 2007: ‘That’s Weird’Chace Crawford hilariously roasted his past fashion choices, including a 2007 red carpet outfit, during an appearance on 'Watch What Happens Live.'
Read more »
Masked intruder pleads guilty to 2007 attack on Connecticut arts patron and fake virus threatThe last of three masked men who claimed to have injected a wealthy Connecticut arts patron and her companion with a deadly virus has pleaded guilty in connection to the 2007 home invasion. It was part of a failed attempt to extort $8.
Read more »
2007 Alabama Football Provided a Glimpse of Something SpecialNick Saban's first season didn't feature a championship of any kind, but it gave glimpses of what was to come in Tuscaloosa.
Read more »
No Country for Old Men (2007)All the latest movie news, movie trailers & reviews - and the same for TV, too.
Read more »