Simply Unaffordable! Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home

[Doc7505]

Simply Unaffordable! Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home​

Typical U.S. Home, UP 30% Under Biden (About $40,000 More Than the Typical American Household Earns) Mortgage Market Is Addicted To Gov!​

Simply Unaffordable! Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home, UP 30% Under Biden (About $40,000 More Than the Typical American Household Earns) Mortgage Market Is Addicted To Gov!

Housing in the US is simply unaffordable! Under Bidenomics, home prices are up 30% while real weekly earnings growth has been negative for most of Biden’s Presidency. And mortgage rates are u…

confoundedinterest.net

17 Oct 2023

Housing in the US is simply unaffordable!
Under Bidenomics, home prices are up 30% while real weekly earnings growth has been negative for most of Biden’s Presidency. And mortgage rates are up 178% under Bidenomics.
It’s harder than ever for Americans to afford a home.
A homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic. That’s the highest annual income necessary to afford a home on record.
Housing costs are higher than ever because of the one-two punch of sky-high mortgage rates and rising home prices. The average rate on a 30-year fixed mortgage was 7.07% in August. Mortgage rates have climbed even higher since then, hitting 7.57% during the week ending October 12–their highest level in over two decades. But even though soaring mortgage rates have dampened demand, low inventory is causing home prices to increase. The typical U.S. home sold for about $420,000 in August, up 3% year over year and just about $12,000 shy of the all-time high hit in mid-2022.
~Snip~
Face it, the US economy and housing/mortgage markets are addicted to gov!

Commentary:
Pretty much at the point that if you don’t own a home, you never will.
Flooding the country with 100 million illegal and legal ‘immigrants’ combined with Blackrock buying and the Air Bomb dynamic has changed things for the long haul.
Bidenomics is the bane of the average American trying to living in an inflationary period and economic depression..
Oddly, Biden's attack on the economy is worse than the "Stagflation" of the Jimmy Carter era.
Thankfully in my case I sold and bought a new home and financed my home in 2019 with less than a 3% interest rate.
Sure my home has more than doubled in value, but where could I go if I sold it now. Inflation and interest rates have chewed up any profits.

 

[The Irish Ram]

The house my daughter bought a mere 2 years ago has increase in value to double what she paid for it and she got it at 3% interest, not 9%.
She got in just under the wire, otherwise she would never be able to afford a home...

 

[Moonglow]

I am impressed with my increase of wealth.

 

[Yarddog]

Simply Unaffordable! Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home​

Typical U.S. Home, UP 30% Under Biden (About $40,000 More Than the Typical American Household Earns) Mortgage Market Is Addicted To Gov!​

Simply Unaffordable! Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home, UP 30% Under Biden (About $40,000 More Than the Typical American Household Earns) Mortgage Market Is Addicted To Gov!

Housing in the US is simply unaffordable! Under Bidenomics, home prices are up 30% while real weekly earnings growth has been negative for most of Biden’s Presidency. And mortgage rates are u…

confoundedinterest.net

17 Oct 2023

Housing in the US is simply unaffordable!
Under Bidenomics, home prices are up 30% while real weekly earnings growth has been negative for most of Biden’s Presidency. And mortgage rates are up 178% under Bidenomics.
It’s harder than ever for Americans to afford a home.
A homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic. That’s the highest annual income necessary to afford a home on record.
Housing costs are higher than ever because of the one-two punch of sky-high mortgage rates and rising home prices. The average rate on a 30-year fixed mortgage was 7.07% in August. Mortgage rates have climbed even higher since then, hitting 7.57% during the week ending October 12–their highest level in over two decades. But even though soaring mortgage rates have dampened demand, low inventory is causing home prices to increase. The typical U.S. home sold for about $420,000 in August, up 3% year over year and just about $12,000 shy of the all-time high hit in mid-2022.
~Snip~
Face it, the US economy and housing/mortgage markets are addicted to gov!

Commentary:
Pretty much at the point that if you don’t own a home, you never will.
Flooding the country with 100 million illegal and legal ‘immigrants’ combined with Blackrock buying and the Air Bomb dynamic has changed things for the long haul.
Bidenomics is the bane of the average American trying to living in an inflationary period and economic depression..
Oddly, Biden's attack on the economy is worse than the "Stagflation" of the Jimmy Carter era.
Thankfully in my case I sold and bought a new home and financed my home in 2019 with less than a 3% interest rate.
Sure my home has more than doubled in value, but where could I go if I sold it now. Inflation and interest rates have chewed up any profits.

I got damn lucky I guess to get into my place when the market was near the bottom. This is really sad for a lot of kids growing up today. Yeah if we sell our homes the only way to do it would be to consider downsizing. In my case definately leaving California, but you know they charge us a penalty tax here for leaving the state after selling your home.

 

[JohnDB]

Real median household income was $74,580 in 2022, a 2.3 percent decline from the 2021 estimate of $76,330

The average mortgage payment is $2,823 on 30-year fixed mortgage, and $3,724 on a 15-year fixed mortgage. However, a more accurate measure of what the typical American spends on their mortgage each month would be a median: $1,672 in 2021, according to the US Census Bureau.Jul 14, 2023

 

[Moonglow]

my mortgage payment is $425.00

 

[Yarddog]

my mortgage payment is $425.00

bet you have a good rate

 

[Moonglow]

bet you have a good rate

It's ok

 

[Moonglow]

I paid $550 an acre for 43 acres in 1998 now worth 10g an acre

 

[Batcat]

Simply Unaffordable! Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home​

Typical U.S. Home, UP 30% Under Biden (About $40,000 More Than the Typical American Household Earns) Mortgage Market Is Addicted To Gov!​

Simply Unaffordable! Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home, UP 30% Under Biden (About $40,000 More Than the Typical American Household Earns) Mortgage Market Is Addicted To Gov!

Housing in the US is simply unaffordable! Under Bidenomics, home prices are up 30% while real weekly earnings growth has been negative for most of Biden’s Presidency. And mortgage rates are u…

confoundedinterest.net

17 Oct 2023

Housing in the US is simply unaffordable!
Under Bidenomics, home prices are up 30% while real weekly earnings growth has been negative for most of Biden’s Presidency. And mortgage rates are up 178% under Bidenomics.
It’s harder than ever for Americans to afford a home.
A homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic. That’s the highest annual income necessary to afford a home on record.
Housing costs are higher than ever because of the one-two punch of sky-high mortgage rates and rising home prices. The average rate on a 30-year fixed mortgage was 7.07% in August. Mortgage rates have climbed even higher since then, hitting 7.57% during the week ending October 12–their highest level in over two decades. But even though soaring mortgage rates have dampened demand, low inventory is causing home prices to increase. The typical U.S. home sold for about $420,000 in August, up 3% year over year and just about $12,000 shy of the all-time high hit in mid-2022.
~Snip~
Face it, the US economy and housing/mortgage markets are addicted to gov!

Commentary:
Pretty much at the point that if you don’t own a home, you never will.
Flooding the country with 100 million illegal and legal ‘immigrants’ combined with Blackrock buying and the Air Bomb dynamic has changed things for the long haul.
Bidenomics is the bane of the average American trying to living in an inflationary period and economic depression..
Oddly, Biden's attack on the economy is worse than the "Stagflation" of the Jimmy Carter era.
Thankfully in my case I sold and bought a new home and financed my home in 2019 with less than a 3% interest rate.
Sure my home has more than doubled in value, but where could I go if I sold it now. Inflation and interest rates have chewed up any profits.

It’s a good thing BIG HOUSES were so popular In the last few decades. Soon it will be common to have 3 or 4 generations living in one home.

 

[initforme]

They should simply "learn a skill". That's what people say here. Learn a skill worth more than 6 figures. Or not? Are the hypocrites now rescinding?

 

[jbrownson0831]

The house my daughter bought a mere 2 years ago has increase in value to double what she paid for it and she got it at 3% interest, not 9%.
She got in just under the wire, otherwise she would never be able to afford a home...

My refinance right under the wire, 2.25%

 

[Anomalism]

my mortgage payment is $425.00

Not everybody wants to live in a trailer.

 

[Moonglow]

Not everybody wants to live in a trailer.

It's a home.

 

[Woodznutz]

They should simply "learn a skill". That's what people say here. Learn a skill worth more than 6 figures. Or not? Are the hypocrites now rescinding?

If you can't afford college there's always the skilled trades. Of course, those jobs require actual physical work.

 

[Woodznutz]

If you want an affordable house there are plenty in small cities and towns whose population is either stagnant or declining. Even in large cities...like Detroit.

 

[airplanemechanic]

It's a home.

Yea, people call an RV home. It's still a trailer.

 

[Woodznutz]

Yea, people call an RV home. It's still a trailer.

A 'trailer' is something you pull behind a vehicle.

Even 'mobile homes' are no longer called that. Once the axles and wheels are dropped, they are no longer mobile.

 

[Moonglow]

Yea, people call an RV home. It's still a trailer.

I wish I had an RV

 

[airplanemechanic]

I wish I had an RV

I wish you didn't live in a trailer.