The US housing affordability crisis continues to worsen as mortgage rates skyrocket to two-decade highs while the cost of an average home is still at bubbly levels. Financing costs are through the roof, and anyone earning less than $100,000 has been priced out of homeownership.
A new report via real estate brokerage firm Redfin Corp. found that in October, the average buyer needed to earn $107,281 to afford the monthly mortgage payment of a median-priced home, up a whopping 46% from a year ago of $73,668.
Considering there have been a record 19 consecutive months of negative real-wage growth, most of which have been under President Biden’s tenure, many prospective homebuyers have likely given up and are now renting (or back in their parents’ basement).
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