Area News Headlines
These news headlines brought to you by these fine sponsors:
U.S. Housing Affordability Crisis Deepens as Prices Reach Record Levels
Deena Bruderick
Thu, 11 Jul 2024 16:30:30 EDT
 |
click on the picture to enlarge
|
Home prices in the U.S. continue to rise, making home ownership the least affordable it has been in nearly 20 years,
according to ATTOM's second-quarter 2024 U.S. Home Affordability Report.
The report, released Thursday, July 11, revealed that in 99% of counties, median-priced single-family homes and condos are less affordable compared to historical averages. Major expenses on these homes consumed 35.1% of the average national wage, the highest percentage since 2007.
Rob Barber, CEO of ATTOM, noted that increasing home prices and relatively high mortgage rates are significant challenges for home buyers. The national median home price hit a new high of $360,000 during the spring buying season, with mortgage rates around 7%, outpacing wage increases.
CNN reported that U.S. homeowners now pay an average of $18,118 annually for property taxes, insurance, maintenance, energy, and other expenses, a 26% increase from four years ago.
