Home Affordability Gets Even Tougher Across U.S. During Third Quarter As Home Prices And Mortgage Rates Rise Further

ATTOM's third-quarter 2023 U.S. Home Affordability Report showed that home ownership has become increasingly difficult for average U.S. wage earners, with median-priced single-family homes and condos being less affordable than historical averages in 99% of counties around the nation. The typical portion of average wages nationwide required for major home-ownership expenses has risen to 35%, the highest level since 2007 and far above the 28% debt-to-income ratio called for by common lending standards. Average 30-year home-mortgage rates have risen to over 7%, from under 3% in 2021, and home