Owning a house less affordable than any time in 17 years: Report
(NewsNation) — Buying a house in the U.S. today is less affordable than at any other time in the last 17 years, according to the real estate data company ATTOM.
The typical costs of a home, including mortgage payments, property insurance and taxes, consumed 35.1% of the average wage in the second quarter, according to the report. This is the highest share since 2007 and is up from 32.1% since last year.
Rob Barber, CEO of ATTOM, said in the report that this affordability data presents a “clear challenge” for home buyers.
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