To some, it may not come as a surprise, but high mortgage rates, along with high home prices, mean that buying a home in the U.S. is becoming harder for many Americans.
Besides national numbers, the report also listed the income needed to afford a median-priced home in a number of U.S. cities, including two cities in Arizona.For Phoenix, the report states that a homebuyer will need to make at least 121,368 a year in order to afford a median-priced home, an increase of 13.6% from a year ago.
According to the report, high mortgage rate means that in every major metropolitan area, people need to earn more now to buy a home when compared to years before, even in places where home prices have declined. "We’re kind of going into a macro supply and demand issue, which is you’ve got the largest generations in U.S. history — millennials and Gen-Z — entering their main homebuying years, and we just don’t have enough property to sell and for people to move into," said Miedler.