Housing 'affordability has just totally collapsed,' economist says
Publishing timestamp: 2024-04-02 13:10:14
Summary
Would-be homebuyers in the U.S. need to earn $113,520 per year to afford a typical house, which is 35% more than the typical household earns annually. Affordability has been a challenge since the pandemic, with housing costs outpacing median household incomes. While borrowing costs are expected to come down and inventory is increasing, experts suggest that potential buyers should consider purchasing now as conditions may not significantly improve in the near future.
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Keywords: personal finance, business news, mortgages, housing, real estate, redfin corp, investment strategy, breaking news: investing, united states,
Source: https://www.cnbc.com/2024/04/02/housing-affordability-has-just-totally-collapsed-economist-says.html