Reported 5 months ago
The National Association of Home Builders (NAHB) and Wells Fargo revealed that in the first quarter of 2024, 38% of a typical household's income was required to make a mortgage payment on a median-priced new single-family home in the U.S. For low-income families earning up to 50% of the area median income, this burden increased to 77% of their earnings needed for the same home. The Cost of Housing Index (CHI) also showed that families nationwide face growing housing affordability challenges due to a shortage of roughly 1.5 million homes, with policymakers urged to enact changes to support increased home construction.
Source: YAHOO