US home affordability reaches its lowest point in 3 decades, but there is some good news.

According to NAR, in June, "affordability" fell to 98.5, the lowest level since 1989.

The most difficult region in the United States to purchase a home is the West, in part because a 30-year mortgage requires an income of more than $140,000.

Due to the rise in mortgage rates and property prices, as well as the slower-than-expected pace of wage growth, housing affordability in the United States has reached its lowest point since 1989.

According to data from the Federal Reserve Bank of St. Louis, median house prices have finally surpassed $400,000, reaching $440,300 in the second quarter of 2022.

In contrast, 30-year fixed mortgage rates in June were 5.60%, up from 3.03% only one year earlier. In an effort to combat soaring inflation, the Federal Reserve has decided to raise its benchmark interest rate four times so far this year, which has contributed to that rise.

According to NAR, a qualifying income is one that enables a homeowner to contribute no more than 25% of the family's income toward the monthly payment for a 30-year fixed mortgage loan, including a 20% down payment.

According to the organisation, $93,312 is the minimum yearly income in the United States. According to the report, median household wages increased just 5.8% over the last year while mortgage payments increased by 53.7% monthly.

States in the Western United States are now much more expensive than the rest of the nation. According to the NAR, the qualifying income there has reached $141,552. In comparison, the region's median family income is $98,498.

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