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.