Owning a home now takes more than a third of a person’s income, making the housing market “particularly challenging” for prospective buyers, according to real estate data curator ATTOM.
In 99 percent of counties across the United States, the median price of single-family homes and condos remained “less affordable” in the second quarter, according to a July 3 ATTOM press release. The cost of owning such a property consumed 35.1 percent of the average national wage, the highest since 2007. This is also well above the common lending guidelines which stipulate that home ownership costs should account for a maximum of 28 percent of income.
