Housing costs have just hit a ‘new record’: Here’s what that adds up to in dollars and cents

Bargain hunters, rejoice: Top 20 emerging housing markets deliver on affordability this fall

Hamptons ‘middle class’ homes priced below $5M slammed in selling frenzyhitting record highs not seen in decades and quickly approaching 8%, many might wonder: How much more does it actually cost to buy a house today?, the monthly cost of financing 80% of a typical home jumped by $166 in October compared with this same month last year.

In other words, the typical American makes only about half as much as they need to afford a home today.Sky-high mortgage rates aren’t the only metric keeping real estate in a prolonged affordability crunch. The delay all comes down to sellers who feel “locked in” to their much lower mortgage rates of just a few years earlier.

Until mortgage rates subside, today’s real estate market can be best described as a financial bully, grabbing homebuyers by the ankles and shaking every last nickel out of their housing budget.

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