Housing prices are growing more unaffordable in the U.S., as high mortgage rates and rising home prices put ownership out of reach for millions of Americans. That's according to a new report published by real estate data provider ATTOM, which examined 572 U.S. counties and determined that median-priced homes in about 80% of those areas are out of reach for the average income earner, who makes about $71,214 annually.
In fact, major home ownership expenses on typical homes sold during the second quarter required an annual income of $90,598 in order to be considered affordable – which is more than 25% higher than the average national income. There are several reasons to blame for the worsening affordability crisis. During the COVID-19 pandemic, home prices soared at a pace not seen since the 1970s.
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