INDIANA – The housing market in the US is the least affordable it has been since 1984, and analysts aren’t expecting it to rebound in the near term.
CNN reports, that it now takes nearly 41% of the median household’s monthly income to cover the principal and interest payments on a median-priced home, new data shows.
This comes as the painful combination of high mortgage rates, soaring home prices, and low inventory is pushing the American dream further from reach for many prospective homebuyers.
After seven consecutive weekly increases, the 30-year fixed rate stands at around 7.7% — that’s miles away from the pre-Covid rate of 3.8% in the fall of 2019.
Climate change is also damaging the market as acquiring homeowners’ insurance remains challenging in areas that frequently experience extreme weather events.
