BY BRAD BECKETT ON OCTOBER 8, 2019
According to new research from ATTOM Data Solutions, 74% of the U.S. housing markets is unaffordable for average wage earners searching for a median-priced home. So, where are the areas that are affordable for average wage earners? Using data from their Q3 2019 Home Affordability Report, they found the best and worst places for home affordability in America. They determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments (mortgage, property taxes and insurance, etc) on a median-priced home, assuming a 3% down payment and a 28% maximum “front-end” debt-to-income ratio. Indeed…
“Buying a home continues to be a rough road to navigate for the average wage earner in the United States. Prices are going up substantially faster than earnings in 2019 without any immediate end in sight, which continues to make home ownership difficult or impossible for a majority of single-income households and even for many families with two incomes,” said Todd Teta, chief product officer with ATTOM Data Solutions.
