Home Affordability Plummets as Buyer Incomes and Down Payments Surge to Record Highs
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Income of typical homebuyer jumped 22% to $107K as affordability worsened, highest increase ever per National Association of Realtors report.
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Buying a home much harder with surging mortgage rates and rising prices from low inventory.
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Share of first-time homebuyers rose to 32% from 26% but still below historical 38% average.
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Downpayments hit highest share of purchase price in decades - 8% for first-timers, 19% for repeat buyers.
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Homebuyers became more diverse with drops in share of white and married buyers, increases in minority, single, and non-English primary language buyers.