Reported 25 days ago
With homeownership still a cornerstone of the American Dream, many potential buyers in 2024 are struggling to afford a home due to soaring prices and rising mortgage rates. The National Association of Home Builders reported a median new home price of $495,750, which is out of reach for 77% of households, while the median household income is only $80,610. To determine how much house one can afford, it's crucial to consider key factors like gross income, monthly debt, down payment, loan terms, and current mortgage rates. Expert advice suggests following the '30% rule' for housing costs, exploring different loan options, and gradually adjusting home expectations to fit personal financial situations.
Source: YAHOO