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Homes are unaffordable in 80% of larger U.S. counties, analysis finds

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Across much of the U.S., owning a home now requires spending more for housing than experts generally recommend.

A growing swath of the U.S is unaffordable for people looking to buy a home, new data shows. Between April and June, homeowners in 80% of 589 counties were spending more than 28% of their wages on housing costs, including mortgage payments, property taxes and homeowners insurance, according to a report from real estate analytics firm ATTOM.

'Why is that? Partly because of the fact that land, on which all homes sit, has been growing faster than incomes.'For its analysis, ATTOM focused on counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the second quarter of 2024.The largest concentration of homeowners living in unaffordable areas are in Cook County, Illinois; Maricopa County, Arizona; San Diego County, California; and Orange County, California, according to ATTOM.

 

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