Housing, as we've pointed out in the past, is perhaps the most reliable bellwether of widening economic inequality in the US. And in its latest quarterly report on housing affordability in the US, ATTOM discovered that median-priced homes aren't affordable to average wage earners in an astounding 68% of US housing markets.
In its report, the company calculated affordability by incorporating the amount of income needed to make monthly home payments - including mortgage payments, property tax payments and insurance - on a median-priced home, assuming a 3% down payment and a 28% maximum "front-end" debt-to-income ratio.
That required income was then compared with the median home price.
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12 comments:
Don't be average!
The deck has always been stacked against us and Obama and his healthcare scam just made it worse and life more unaffordable.
I still think people are living too far above their means.That might not account for all of it,but it's a big part.
Especially here in MD where you have to install a fire sprinkler system, and BAT septic system. It's like your own government is strapping a ball and chain around tour neck.
Tour neck?
Above your means. I take that as meaning fancy cars,; expensive vacations etc. If so I agree.
All of the above are correct, but still, housing is supposed to be one weeks' paycheck per month. Who brings home $1,200 per month here?
Not very many.
8:50 Just those with an education.....
8:50-My point exactly.My mortgage is app $630 per month and I clear $3400 per month.I had no choice BUT to be conservative because I retired in 2011.
Tour neck - you don't know what that is 718am? Must be a newbie. The rest of us know exactly what a tour neck is.
Just leave the red pen on the table - we're ALL friends "hear"!
Happy and Safe Weekend to all!
That is a broad statement. Yes education is power. What type of education are you referring too. HS College Trade. Housing is very expensive. I blame it on banks, mortgage companies. How many times do you pay for a title search. 6percent commission. The State wants their share called transfer tax etc. No wonder it is difficult to buy. It isn't always the seller wants too much. I have an HS diploma and own 2 houses. One 1/2 million and another at close to that at the beach. I didn't win the lottery; my parents were poor and no one left me anything in their will. It was determination and hard work which I started at 18. No work in town so I moved. Actually across country. So your statement is very broad.
Taxes in MD are too high. Water bill is too high. Down payments are too high. Your neck at your service 🌋🌋
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