A new study shows buyers require a substantial six-figure income to afford a home in almost half of the states in the country, and an industry expert cautions that the situation is not expected to improve in the near future. "There’s no sign that things will get better for buyers," Bankrate analyst Jeff Ostrowski told FOX Business, referring to both housing supply and mortgage rates. Since conditions aren't likely to get better over the coming months.
Currently, the rate on a 30-year fixed mortgage is 6.79%, according to Freddie Mac. At the beginning of 2020, the rate was around 3.7%. SIX FIGURES NEEDED With the continuation of high mortgage rates and rising home prices coupled with low housing inventory over the last couple of years, Bankrate found that Americans must earn at least $100,000 annually to afford such homes in 22 states as well as the District of Columbia.
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