Peaked at #2 Now #4
US Housing Affordability Hits Record Low
Atlanta Fed data show over $120,000 income needed for a median home, mortgage rates at 7.24%, and sales at a 31-year low.
Key points
- Per the Atlanta Fed, affording a median-priced U.S. home now requires over $120,000 in income, more than the typical household earns.
- 30-year mortgage rates hit 7.24% in mid-September.
- The monthly payment on a $500,000 loan has jumped about $400, to roughly $3,400.
- Home sales have plunged to a 31-year low.
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Original post
U.S. homes are now the least affordable on record.
You now need over $120,000 in income to afford a median-priced home, per the Atlanta Fed, more than the typical household earns.
30-year mortgage rates hit 7.24% in mid-September.
The monthly payment on a $500,000 loan has jumped about $400, to roughly $3,400.
Home sales have plunged to a 31-year low.
Top replies on X
Reaction on X: Replies are mostly sarcastic and resigned, with one noting that the median household cannot afford the median home. One reply adds that the U.S. median existing home is $429,100 while the Texas median is $340,000, and another points to the lock-in effect of 3% mortgages freezing supply.
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From @TheBiscuit, @foombler, @sksk_sinker and others. Spam removed, with English and Chinese translations.
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