Homeownership less affordable than any point in last 13 years
Single-family homes are less affordable across the country than at any point in the last 13 years.
About 75% of counties across the country are less affordable than the historical average during the third quarter of 2021, according to data from national property database Attom Data Solutions LLC. That’s up up from 56% of counties in the third quarter of 2020 and marks the worst rate since 2008.
That means 430 out of 572 counties analyzed in the third quarter of 2021 are less affordable than their past averages, up from 317 counties. The rising lack of affordability comes as the median national home price shot up 18% over the last year to about $315,500, according to Attom.
The report calculated affordability based on the amount of income needed to meet monthly homeownership expenses — including mortgage, property taxes and insurance — on a median-priced, single-family home, assuming a 20 percent down payment and a 28 percent maximum “front-end” debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics
https://www.bizjournals.com/seattle/news/2021/09/30/homeownership-housing-market-covid.htmlv
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