Homes "unaffordable" in 99% of nation for average American
Homes "unaffordable" in 99% of nation for average American
Home prices have jumped so much that Americans must pay a third of their income on housing, according to one study.
It’s sad to think that I’ll probably die before I can retire or purchase a house
The “Cheap Old Houses” website is reassuring. It’s not a McMansion in the tony suburbia of a large popular city, but there are small reasonably priced houses in smaller cities and towns. https://www.cheapoldhouses.com/
I have two friends from high school who found houses under $100k within driving distance of larger cities ($60k in Kansas, $32k in Illinois)
I would not assume a few years of this means that it will never change. Housing prices and especially interest rates were unusually favorable since the 90s for decades. High interest rates do not tend to last forever.
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The typical American cannot afford to buy a home in a growing number of communities across the nation, according to common lending standards.
"The dynamics influencing the U.S. housing market appear to continuously work against everyday Americans, potentially to the point where they could start to have a significant impact on home prices," ATTOM CEO Rob Barber said in a statement Thursday.
ATTOM's data adds to a growing body of real estate research in recent years that highlights the lack of affordable housing .
Factoring in a mortgage payment, homeowners insurance and property taxes, the typical home priced today would require 35% of someone's annual wages, ATTOM said.
Cities with the most unaffordable homes include Los Angeles, Chicago, Phoenix, San Diego and Orange County, California, ATTOM said.
Communities surrounding Cleveland, Detroit, Houston, Philadelphia or Pittsburgh have the most affordable homes compared with median salaries for residents there, according to the firm.
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