The U.S. housing market is experiencing record-high median home prices, with Americans spending a significant portion of their income on mortgages. First-time homebuyers face a higher burden, allocating nearly 40% of their income to mortgage payments. Additionally, U.S. households are spending a historic amount on non-mortgage interest payments, matching mortgage interest payments for the first time. Concerns are raised over soaring government debt and interest costs surpassing spending on defense and Medicare, potentially leading to economic challenges.
Interest costs on the national debt just surpassed spending on defense, Medicare In first 7 months of fiscal year 2024, spending on net interest surged to $514B Interest payments on the nation’s ballooning debt just eclipsed spending on defense and Medicare, worrying policy… https://t.co/N3dEvI8arL
Soaring debt and deficits causing worry about threats to the economy and markets https://t.co/ghUtZcjquo
A recent @IMFNews report highlights the financial risks associated with high government debt, projecting that the average debt-to-income ratio of advanced economies will reach 120% of GDP by 2028, notes @Harvard's @krogoff. https://t.co/0RcANhprR9
The median mortgage payment in the US just hit a record high of $2,894/month 🚨 https://t.co/eofRrAXbST
UNITED STATES: Americans spent around 26% of their income on mortgage payments as of last year, but the figure is closer to 40% for first-home buyers, according to the National Association of Realtors.
We are at a point where spending on interest on the national debt is higher than Medicare & defense. We’re barreling toward an economic calamity in the USA, and people are fretting over cat fights in Congress, NFL kickers, and a SCOTUS justice who won’t get control of his wife.
Median Home Sales Price hits an all-time high of $434,000 in the U.S. https://t.co/d0vFEN8J5E
Soaring government debt has influential investors sending a stark warning about the future of the U.S. economy. It's a problem that could lead to monumental change if it's not dealt with according to two influential investors. https://t.co/34Ukg0gAW2
The US has reached another record-high median home asking price - $418,455. That's an increase of 22% in 3 years. The average monthly mortgage payment is $2,883 on a 30-year fixed loan when median family income is $93,000 per year. That's 37% of income spent on mortgage.… https://t.co/rf9HPbfbX4
U.S. Households are now spending an all-time high $573.4 billion on non-mortgage interest payments which for the first time in history is roughly the same as mortgage interest payments https://t.co/Uci01zyFPK
Americans typically spend around 25% of their income on home mortgages, and the ratio jumps to nearly 40% for first-time homebuyers. Tell us how your housing costs fit into your budget https://t.co/qBh2NgoILr