Homes are unaffordable in 80% of larger U.S. counties, analysis finds
CBSN
A growing swath of the U.S is unaffordable for people looking to buy a home, new data shows.
Between April and June, homeowners in 80% of 589 counties were spending more than 28% of their wages on housing costs, including mortgage payments, property taxes and homeowners insurance, according to a report from real estate analytics firm ATTOM. Home prices have hit record highs this year amid a shortage of affordable properties and mortgage rates hovering around 7%, more than twice their level in 2021.
Homeowners are typically advised to spend no more 28% of their wages on housing, and anything above that level is considered unaffordable. But ATTOM found that the average homeowner, with a typical annual income of $72,358, pays $2,114 a month for housing — that means about 35% of their pay goes to housing costs.
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