Home Prices Out of Reach for Average Americans as Affordability Worsens

Housing prices are becoming unaffordable for average Americans, with median home prices out of reach for average income earners in 99% of U.S. counties.

Affordability is worsening due to spikes in home prices and mortgage rates, pushing homeownership costs to 35% of average wages.

Aggressive Fed interest rate hikes drove mortgage rates above 7%, while home prices remain high due to low housing inventory.

The number of homes for sale is down 46% from pre-pandemic levels, further straining affordability.

Median existing home prices rose 3.9% in the past year to $407,100, working against everyday Americans.