{"id":10765,"date":"2023-11-07T19:15:51","date_gmt":"2023-11-07T19:15:51","guid":{"rendered":"https:\/\/infundpros.com\/business\/this-is-the-least-affordable-housing-market-since-1984-its-getting-worse\/"},"modified":"2023-11-07T19:15:51","modified_gmt":"2023-11-07T19:15:51","slug":"this-is-the-least-affordable-housing-market-since-1984-its-getting-worse","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10765","title":{"rendered":"This is the least affordable housing market since 1984. It\u2019s getting worse"},"content":{"rendered":"
\n

\n The last time America\u2019s housing market was this unaffordable, Ronald Reagan was in the White House.\n <\/p>\n

\n It now takes nearly 41% of the median household\u2019s monthly income to cover the principal and interest payments on a median-priced home, according to\u00a0research\u00a0from Intercontinental Exchange.\n <\/p>\n

\n That\u2019s the biggest chunk of paychecks since 1984, according to ICE, the owner of the New York Stock Exchange. That\u2019s up 0.4% from last month\u2019s report, which also showed America\u2019s homes were at the least affordable level in 39 years.\n <\/p>\n

\n The portion of households\u2019 paychecks needed to pay for housing has surged in the past few decades. About 35 years ago, the average was less than 25%.\n <\/p>\n

\n Wannabe\u00a0homebuyers are getting hammered\u00a0by a painful combination of\u00a0high mortgage rates\u00a0and high home prices.\n <\/p>\n

\n That one-two punch has pushed the principal and interest payment needed to buy a median-priced home up by $144 over just the past month alone, according to ICE. For the first time, monthly payments are above $2,500 \u2013 and that doesn\u2019t even include taxes, insurance or other fees.\n <\/p>\n

\n \u201cThe situation was already dire,\u201d Andy Walden, ICE\u2019s vice president of enterprise research said in the report, adding that the recent jump in mortgage rates has made it even worse.\n <\/p>\n

\n This problem is pushing the American dream further from reach for some prospective first-time homebuyers. They\u2019ve been forced to rent instead, delaying their ability to build wealth through homeownership.\n <\/p>\n

\n Turmoil in the bond market and the Federal Reserve\u2019s war on inflation have driven up mortgage rates to levels unseen since 2000.\n <\/p>\n

\n After seven consecutive weekly increases, the 30-year fixed rate mortgage\u00a0dipped to an average of 7.76%\u00a0in the week ending November 2, according to Freddie Mac.\n <\/p>\n

\n That\u2019s miles away from the\u00a0pre-Covid rate of 3.8%\u00a0in the fall of 2019. Aided by emergency action from the Fed, mortgage rates briefly tumbled below 2.7% in late 2020 and early 2021.\n <\/p>\n

\n The higher mortgage rates go, the less home people can afford.\n <\/p>\n

\n At today\u2019s rates,\u00a0monthly payments\u00a0on a $500,000 home would stand at roughly $3,265 after putting 20% down.\n <\/p>\n

\n That\u2019s $1,165 more than two years ago, when mortgage rates were barely above 3%.\n <\/p>\n

\n Despite high borrowing costs, home prices continue to rise amid a supply crunch.\n <\/p>\n

\n US home prices\u00a0climbed in August to a record high, marking the seventh straight month of increases, according to S&P CoreLogic Case-Shiller.\n <\/p>\n

\n Of course, that\u2019s good news for existing homeowners, assuming they don\u2019t want to move.\n <\/p>\n

\n It\u2019s a key reason Americans\u2019 net worth\u00a0surged by a record 37%\u00a0between 2019 and 2022, according to Fed data.\n <\/p>\n

\n But some younger Americans who want to buy their first homes are on the outside looking in.\n <\/p>\n

\n ICE notes that the last time housing affordability was this bad, the average home cost about 3.5 times median income. Today, that price-to-income ratio is much worse, at nearly six to one.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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