NETL - 2024 Starts With New Home Prices Out Of Reach For Typical American Household

2024-03-06 06:30:00 ET

Summary

• 2024 has started where 2023 left off when it comes to the state of how affordable new homes are in the United States.
• The median income of an American household represents the middle point for the income distribution of households in the United States.
• The average interest rate for a conventional 30-year fixed-rate mortgage in January 2024 is 6.64%.
• We anticipate next month will be more challenging for new home affordability as mortgage rates rose during February 2024.

c2024 has started where 2023 left off when it comes to the state of how affordable new homes are in the United States, with the typical new home sold out of affordable reach for the typical American household....

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