A recent study has revealed that homebuyers need to earn 80% more than they did in 2020 to afford a home. Home prices have climbed 42% since 2020, and rising mortgage rates and borrowing costs are creating significant barriers to homeownership. According to Zillow, a median-income household now needs to put down more than $127,000, which is 35.4% of the home's price, to afford the monthly mortgage payments. The average monthly mortgage is nearly double from 2020. Despite a recent drop in mortgage rates to a two-month low, the affordability crisis persists, making it increasingly difficult for middle-class Americans to purchase homes.
Mortgage rates drop to a two-month low: Here’s how much a buyer would need to put down to afford monthly payments https://t.co/bS7DN43Mu0
Four more years? Average monthly mortgage nearly double from 2020; homebuyers need to earn 80% more Home prices have climbed 42% since 2020, as rising mortgage rates and borrowing costs are creating barriers to homeownership, a new study shows. A recent analysis by Zillow… https://t.co/lOhySGbv1z
To afford a monthly mortgage payment, middle-class Americans need to put more than $127,000 down: Zillow • A median-income household would need to put 35.4% down to afford the payments on a typical U.S. home. • Five years ago, the typical U.S. home would have been affordable…
Home prices have climbed 42% since 2020, while rising mortgage rates and borrowing costs are creating barriers to homeownership, a new study shows. https://t.co/ZkYIxuw2BI
Homebuyers need to earn 80% more than they did in 2020 to afford a home, study finds https://t.co/sddGxqTfsC