Housing Affordability Hits All-Time Low
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Every day Americans are struggling under Joe Biden’s agenda.
The Kobeissi Letter said that housing affordability in the United States is now at an all-time low.
30% of median annual income is now required for new home payments in 37 states.
Global markets publication The Kobeissi Letter declared last week that housing affordability in America is now at an all-time low, pointing to several striking data points showing it is more expensive to pay for a place to live in the U.S. than ever.
For starters, the outlet said buying a house in the U.S. has become a luxury. It pointed to a Redfin report released Friday showing the median home mortgage payment in the U.S. hit $2,605 a month in July, up 19% from a year ago and the most expensive ever.
Kobeissi reported there are now a record 31 states where homeowners pay a median monthly house payment above $2,000 per month, and Hawaii is now the first state in history with a median house payment above $5,000. Not far behind are Californians whose median mortgage bill is at $4,800, followed by Massachusetts homeowners who pay $4,000.
Thirty-seven states now require at least 30% of median annual income for new home payments in what the letter said “truly is an unprecedented market.” In California, the median house payment requires a record 64% of median household income.
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