Z - Americans Face Historic Lack Of Affordability In Housing Market Data Shows | Benzinga
The dream of homeownership in the U.S. is becoming increasingly challenging. Factors such as escalating interest rates, surging property prices and mounting insurance expenses have made housing less accessible across all states.
What Happened: Recent data from the National Association of Realtors highlights a concerning trend: The average American family's ability to own a home is at its lowest in a decade.
Furthermore, a recent study by Moody's reveals that in 2023, a median-income family in nearly 12 states would struggle to afford a new mortgage on a median-priced home.
This is a significant increase from 2019 when only two states faced such challenges, according to Insider.
Moody's housing affordability index, where a score of 100 indicates that a median-income family can just afford a new mortgage for a median-priced home, has shown a decline for every U.S. state in the past ...