Average Americans cannot afford to buy a home in a growing number of communities across the United States, according to a report.
that the average interest rate of a 30-year home loan was 7.19 percent, up from 6.48 percent at the beginning of this year.
“The dynamics influencing the U.S. housing market appear to continuously work against everyday Americans, potentially to the point where they could start to have a significant impact on home prices,” ATTOM CEO Rob Barber said in a statement Thursday. “We will see how this shakes out as the peak 2023 buying season winds down.”
Housing experts told the outlet the findings add to a growing body of research showing a lack of affordable housing, especially for younger millennials looking to become home owners. Dan Hnatkovskyy, co-founder of new home construction startup NewHomesMate, said that many first-time home buyers have “had to postpone their home-buying dreams,” while older buyers with more cash on hand can buy down interest rates or absorb a higher monthly payment as they buy homes across the U.S.
ATTOM defined “unaffordable” as the cost for someone who has to pay more than 28 percent of their income toward a particular home. ATTOM assessed that between a mortgage payment, homeowners’ insurance, and property taxes, home costs would require 35 percent of someone’s annual wages or more.Los Angeles, Chicago, Phoenix, San Diego, and Orange County, California, ATTOM said.
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Buying a home now unaffordable in 99% of America, report findsThe typical American cannot afford to buy a home in a growing number of communities across the nation under common lending standards, according to a new report from real estate data provider ATTOM. Researchers examined the median home prices last year for roughly 575 U.S. counties and found that home prices in 99% of those areas are beyond the reach of the average earner, who makes $71,214 a year, according to ATTOM.
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