Homebuyers nationwide need 34% more income to afford a home

across the U.S. need 34% more income in order to afford a home in today's market, according to a new report.

That roughly $76,000 figure, for example, is a far cry from what over 100 million full-time wage and salary workers are pulling in. recent Labor Department statistics, In March, the national median home-sale price was up 17% from a year earlier, hitting a record high of $412,700. At the same time, mortgage rates shot up from about 3% to more than 5% over the last year.

Sad for them

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Homebuyers considering alternative mortgages in hot marketSome homebuyers taking second look at 40-year or ARMs to buy homes. 40 years? ARMs? they should probably sit this one out Adjustable rate mortgage during increasing rates…Get a different broker with real advice?
Source: FOX26Houston - 🏆 448. / 53 Read more »

How rising interest rates are cutting into what N.J. homebuyers can affordMassive home price increases over the past two years and interest rate hikes are making homes harder to afford. “And how those rising interest rates are almost entirely due to Biden’s policies.” There, I fixed the caption for you.
Source: njdotcom - 🏆 282. / 63 Read more »