đš U.S. Homebuyers Still Priced Out Despite Falling Mortgage Rates! đš
The U.S. housing market shows a slight improvement, but affordability is still far out of reach for many. Mortgage rates have dipped, but not enough to close the affordability gap for the average American household.
đ Required income to buy a median-priced home ($433,101) is now $115,454/year.
đ That's down 1.4% year-over-year, marking the first decline since June 2020.
đž Average 30-year mortgage rates dropped to 6.5% in August, down from 7.07%.
đ Rates have since fallen even further to 6.09% as of now.
đ° However, the typical household income of $83,853 is still 27.4% less than what's required to afford the median home.
Bottom Line: Despite slightly better mortgage rates, most Americans remain priced out of the housing market.
đŹ Comment: Can these rate cuts make homeownership more attainable, or are we still too far off? Share your thoughts and experiences!
