The Average American Cannot Afford to Buy a Home
Housing affordability in the United States dropped to a NEW all-time record low (for data that goes back to January 1989 so at least a 34 year low). This is because home prices and mortgage rates still remain very high. More importantly though, the qualifying income to purchase a median priced home in the US has increased by 123% over the past 4 years compared to only a 21% gain in US median family income over that same time period (October 2019 - October 2023). This is based on my own analysis of the National Association of Realtors’ data.
Also, to give you a mortgage rate update, average 30 year fixed mortgage rates for borrowers with exceptional credit dropped to 6.6% as of 12/14/23. That’s down 1.4 percentage points from the 23 year highs from two months ago. Therefore, housing affordability has improved in Nov and Dec yet home prices of existing houses are still being supported by relatively low supply of homes for sale.
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Compilation of Housing Market Forecast videos:
• Housing Market Forecast videos
Reports I discussed:
https://www.nar.realtor/blogs/economi...
https://www.policygenius.com/homeowne...
https://www.mortgagenewsdaily.com/mor...
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.6% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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