Report: 71 percent of housing markets unaffordable for average wage earner

Report: 71 percent of housing markets unaffordable for average wage earner

Report: 71 percent of housing markets unaffordable for average wage earner
According to a new report released by ATTOM Data Solutions, median home prices are unaffordable to the average wage earner in nearly three-quarters of the U.S. The Q4 2019 U.S. Home Affordability Report shows that 344 of 486, or 71 percent of U.S. counties are housing markets that are financially off limits to those earning the median income within that region.

“Home prices rose across the country by 9 percent year-over-year in the fourth quarter of 2019,” said Todd Teta, chief product officer for ATTOM. “The typical home remained a financial stretch for average wage earners.”

The largest counties that were not affordable for average wage earners included San Diego, Orange and Los Angeles Counties.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.