The housing crisis deepens with 28 % of American homes only within the reach of buyers

Less than 30 % of homes on American housing market It is accessible to medium living families as borrowing rates are still an important obstacle, according to the Reeltor.com report.

As of August, only 28 % of homes were priced in the market within the reach of the typical family, with the maximum price of home price at reasonable prices for medium -income living families to $ 298,000. In 2019, this number was 325,000 dollars, according to the real estate purchase force report. This means that the sailor force has decreased by nearly $ 30,000 at the national level since 2019, although the average income has increased by 15.7 %.

The mortgage rates are highly high responsibility, according to the chief economist in RealTor.com Daniel Hill.

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“Even with the growth of income, the highest interest rates have eroded the strength of the real world of the American family,” Hill said, noting that “this dynamic forces many buyers to control their expectations, whether it means searching for smaller homes, moving further, or delaying the dream of ownership of the house.”

House prices and interest rates have increased significantly to the extent that the low level of homes has been to its lowest level since the mid -1990s, according to the annual housing report at the Joint Center for Housing Studies (JCHS) at Harvard University.

To put the height Borrowing costs in its correct perspectiveThe firm mortgage rate for 30 years was about 2.65 % in January 2021.

Today, the mortgage rates have come near 6.75 % to July, which means that the monthly mortgage is paid on a fixed price loan of $ 320,000 above $ 600 from what it was at the average price of 2019. This means that buyers spend an additional amount of $ 7200 annually from the regular buyer pocket.

These countries see the most purchase of homes

Reallytor.com estimated that in 2019, a loan of $ 320,000 will cover the price of the entire intermediate house. Today, it should be accompanied by a rate of approximately 28 % to buy the model menu, which is $ 439,450.

The metro such as Milwoki, Wisconsin, Houston, Texas, Baltimore, Maryland, New York City, Kansas City, Missouri, hurts me more, as I witnessed all areas that witness declines in the purchase of 9-10.5 % force in what the Mediterranean can be able to.

Milwaukee witnessed the highest purchasing power with a decrease in 10.5 %. The maximum price of the home price decreased at reasonable prices from $ 314,000 to $ 281,000, which translates to a decrease of $ 33,000, according to Reallytor.com data.

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The data showed that all the metro still has a relatively high share of houses at reasonable prices, along with New York, with only 13.1 % of the menus in July within the reach of a medium -income family.

On the contrary, the purchase force has grown in six of 50 mur reaches since 2019. Cleveland, Ohio, has witnessed the largest growth in the purchase force as wage gains helped enhance the price of the home at reasonable prices from $ 249,000 to $ 260,000. In July, half of the Cleveland stock was considered accessible to medium families.

Phoenix, Arizona, Tamba, Florida, Austin, Texas, witnessed a slight batch of purchasing power, to a large extent due to wage growth. However, while purchasing improved energy in all six markets, the homes are affordable Buyers with medium income It is still less than it was in 2019, when the growth of fast homes exceeded income gains, according to the report.