Is buying a home now out of reach for middle-class Americans?
New research reported this week found that U.S. housing affordability struggles are now spreading to higher-income renters and would-be buyers.
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For sure. Typical home 10 years ago cost about 4× median household income. Today it’s about 5×. In 2000, it was closer to 3×. At today's ~7% interest rate, that's especially brutal.
Certainly out of reach for most younger, first-time home buyers. This isn't opinion, it is fact.