Two charts show how far homeownership is slipping out of reach as mortgage rates skyrocket
Americans earning the median income used to be able to buy homes. But the homeownership affordability gap is widening, making that less likely.
Two charts illustrate the increasing difficulty of homeownership as mortgage rates soar. Housing experts claim high mortgage rates are contributing to affordability concerns. The Atlanta Fed explores the income needed for homeownership to cost no more than 30% of income, finding it now exceeds the median household income. In the past, most Americans could achieve homeownership, but that's less likely today.
Data shows that about a third of renters desire homeownership but believe it's unattainable due to affordability. Factors such as rising home prices, utilities, and other homeownership costs are making it harder for people to purchase a home.
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