Marley Jay is a business news reporter for NBC News Digital.
A tough market for home buyers keeps getting tougher as the combination of rising prices and climbing mortgage rates makes it even harder to afford a home, new data shows. In spite of these challenges, people are still buying homes. About 4 million are sold every month. But to a shocking extent, rising mortgage rates and the shortage of homes for sale — which feeds rising prices and bidding wars — has weakened their financial position.
“If you don’t make six figures, it's going to be really tough” to afford a home in many markets, Yun told NBC News. Figuring out affordability Another way to measure the change: the NAR also puts out a monthly housing affordability index. A typical reading, Yun says, is 120 — meaning that a person making a median income has enough money to buy a home that's about 20% above the median price. That figure has fallen from almost 170 pre-Covid to a preliminary total of 91.7 in August.
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