IRVINE, Calif., June 29, 2023 /PRNewswire/ — ATTOM, a leading curator of land, property, and real estate data, today released its second-quarter 2023 U.S. Home Affordability Report showing that median-priced single-family homes and condos are less affordable in the second quarter of 2023 compared to historical averages in 98 percent of counties around the nation with enough data to analyze, continuing a pattern dating back to early 2022.
The report shows that affordability has worsened across the nation this quarter amid a renewed jump in home prices that has pushed the typical portion of average wages nationwide required for major home-ownership expenses up to 33 percent.
The latest portion is considered unaffordable by common lending standards, which call for a 28 percent debt-to-income ratio. It also marks the highest level since 2007 and remains well above the 25 percent figure from early in 2022, when a spike in home-mortgage rates had just begun to raise ownership costs.
The worsening picture facing home buyers reflects the second shift in the U.S. housing market in the past year, coming as the median single-family home price has shot up to a new record following three quarters of declines. Those declines strongly suggested an end to a decade-long boom period lasting from 2012 into the middle of 2022.
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Source: www.prnewswire.com
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