Posted on 07/04/2024 10:17:25 AM PDT by conservative98
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.
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Affordability is worsening across the country, thanks to a second-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 35.1% – the highest level since 2007.
"The latest number is considered unaffordable by common lending standards, which call for a 28% debt-to-income ratio," the report said. "It marks the highest level since 2007 and stands well above the 21% figure from early in 2021, right before home-mortgage rates began shooting up from historic lows."
Compared to historical levels, median homeownership costs in 582 of the 589 counties examined during the second quarter of 2024 were less affordable than they were in the past. That figure is about 15 times higher than it was during early 2021.
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.
(Excerpt) Read more at foxbusiness.com ...
President Joe Biden says he "screwed up" at the debate in an interview on July 4 with radio host Earl Ingram, but argues his accomplishments during his term were more important. READ MORE: https://t.co/LFAFifPxki pic.twitter.com/KmpuEqrBZe— FOX 4 NEWS (@FOX4) July 4, 2024
"Look at what I've done with home buying...I've lowered prices...It's improving...But we have got more to do." - Biden, July 4, 2024 radio interview with Earl Ingram
Get ready for the bubble to burst.
Wow the Liar in Chief is still good at telling big lies.
1. There is a housing shortage mainly due to the millions of illegals that came in under his policies of encouragement.
2. Interest rates are high due to the inflation he caused.
3. Young people are getting screwed!
“Get ready for the bubble to burst.”
It is not going to happen. There is a massive housing shortage. If the left keeps winning then only the wealthy and government employees will be able to afford to buy their own home. Everyone else will live in government housing like the old Soviet Union.
Transient/homeless citizens, illegals, unaffordable healthcare, overwhelming debt, failed education, rampant crime, lower life span. The empire is beginning to crack.
His comment pretty much sums up his whole presidency.
BTT
So true. I am retired and I cannot find affordable retirement housing anywhere in Indiana. It’s terrible. Even looking out of state, Kansas and Nebraska for instance, is depressing as the housing costs are about the same no matter where I look.
A home, like anything else, is worth only what someone is willing to pay for it.
A home, like anything else, is worth only what someone is willing to pay for it.
Problem is, there are a lot of people outside of the US that will pay top dollar to have a house here, especially Chinese, who want to a place to bug out to, when the SHTF over there.
The ECONOMY IS COLLAPSING And The Car Market Is SCREAMING IT!
$105,000 for a Dodge Durango?
Maybe that's why they still have new 2023 models on the lot.
But affordable to 100% of illegal invaders.
That is likely to be the fully loaded 700+ HP version..
Letting in 10 million illegal aliens every year will do that.
We bought a house in 2021. Had no problem affording the mortgage and all utilities. Since then the house payment has gone up. Something to do with not enough in the escrow account to cover insurance, etc. water bill went from $60 a month to $277 this month. Electric is on a fixed year round but just went up $150 per month. Gas bill has been steadily creeping up. When you add on the price of car gas and groceries we’re looking at each other wondering how we can pay it all. We’re not sure we can and looking at other options.
Wow, those increases are shocking! I’m beginning to think it might BE time to move in with one of the kids in order to afford to have a roof over my head, and theirs. This is all so crazy.
It can crash. Any of these current bubbles (there are many) can pop. The government is cooking employment numbers. If the employment bubble pops, houses will flood the market and that will bring houses down. The economy is not in good shape due to federal and state fiscal mismanagement is going to cause all kinds of issues. I expect taxes to go up in order to cut the amount of deficit spending but the idiots will just spend more.
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