Housing Affordability Hits Lowest Point Since Great Recession

Housing affordability has been on a sharp decline due to high mortgage rates, inflation and low inventory.

According to Route Fifty, 42.8% of new and existing homes sold in the second quarter of this year were affordable for families earning the national median income of $90,000 annually. 

That figure is a sharp drop from the first quarter, which found that 56.9% of homes sold were affordable for median-income families. 

There are several factors contributing to the housing affordability crisis, including supply chain disruptions that increase costs of building materials, making keeping up with demand difficult. 

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