The median-priced home in the U.S. now requires an income of over $120,000 to afford, which is higher than the typical household income.

U.S. homes are now the least affordable on record. You now need over $120,000 in income to afford a median-priced home, per the Atlanta Fed, more than the typical household earns. 30-year mortgage rates hit 7.24% in mid-September. The monthly payment on a $500,000 loan has #news #finance #economics #stocks #options

The typical American family can no longer afford the typical American home. According to the Atlanta Fed: • Income needed to afford a typical home: $127,000 • Median household income: $86,500 • Income gap: 46% A $500,000 mortgage is now $3,500 per month, before taxes and insurance. Home sales are near historic lows and prices are near record highs. We’re now at the point where people who already own homes can’t afford to move, and people who don’t own homes can’t afford to buy.