Homeownership Out Of Reach For Anyone Making Under $100k
Nov 17, 2022 0:38:15 GMT -5
Post by J.J.Gibbs on Nov 17, 2022 0:38:15 GMT -5
Housing Affordability Worsens As Homeownership Out Of Reach For Anyone Making Under $100k
BY TYLER DURDEN
WEDNESDAY, NOV 16, 2022 - 06:00 PM
The US housing affordability crisis continues to worsen as mortgage rates skyrocket to two-decade highs while the cost of an average home is still at bubbly levels. Financing costs are through the roof, and anyone earning less than $100,000 has been priced out of homeownership.
A new report via real estate brokerage firm Redfin Corp. found that in October, the average buyer needed to earn $107,281 to afford the monthly mortgage payment of a median-priced home, up a whopping 46% from a year ago of $73,668.
Considering there have been a record 19 consecutive months of negative real wage growth, most of which have been under President Biden's tenure, many prospective homebuyers have likely given up and are now renting (or back in their parent's basement).
Continued at link
BY TYLER DURDEN
WEDNESDAY, NOV 16, 2022 - 06:00 PM
The US housing affordability crisis continues to worsen as mortgage rates skyrocket to two-decade highs while the cost of an average home is still at bubbly levels. Financing costs are through the roof, and anyone earning less than $100,000 has been priced out of homeownership.
A new report via real estate brokerage firm Redfin Corp. found that in October, the average buyer needed to earn $107,281 to afford the monthly mortgage payment of a median-priced home, up a whopping 46% from a year ago of $73,668.
Considering there have been a record 19 consecutive months of negative real wage growth, most of which have been under President Biden's tenure, many prospective homebuyers have likely given up and are now renting (or back in their parent's basement).
Continued at link
