The Skyrocketing Unaffordability Of U S New Homes Seeking Alpha The mortgage payment for the median new home sold in the u.s. during october 2022 would now consume nearly half the monthly income of an american household earning the median income. Median household income was $76,791, which was up from october 2023's initial estimate of $76,588. the u.s. census bureau's first estimate of the median new home sale price for the month was $434,700.
The Skyrocketing Unaffordability Of U S New Homes Seeking Alpha The new picture reveals the unaffordability of new homes has routinely exceeded the peak of unaffordability recording during the early 2000s housing bubble in nearly every month since april 2022. The trailing twelve month average of median new home sale prices in the united states reached a new high in march 2018, where preliminary data puts that figure at $326,217. The trailing year average median price of new homes sold in the u.s. has risen to be 5.45 times the trailing year average of our estimate of median household income through july 2017. That's a small comfort however when we zoom out to look at the data over the entire history for which it is available, where new homes today are selling for somewhere between $90,000 to $100,000.
U S Housing Unaffordability Remains Near All Time Peak Seeking Alpha The trailing year average median price of new homes sold in the u.s. has risen to be 5.45 times the trailing year average of our estimate of median household income through july 2017. That's a small comfort however when we zoom out to look at the data over the entire history for which it is available, where new homes today are selling for somewhere between $90,000 to $100,000. The national index peaked in january 2024 at 105.5. the midwest region ranks as the most affordable, with an index of 143.9 and a qualifying income of $68,016, well below the $97,908 median income. One month after setting a record low level for affordability, the unaffordability of new homes in the u.s. has skyrocketed. the mortgage payment for the median new home sold in the u.s. during october 2022 would now consume nearly half the monthly income of an american household earning the median income.
U S Housing Unaffordability Remains Near All Time Peak Seeking Alpha The national index peaked in january 2024 at 105.5. the midwest region ranks as the most affordable, with an index of 143.9 and a qualifying income of $68,016, well below the $97,908 median income. One month after setting a record low level for affordability, the unaffordability of new homes in the u.s. has skyrocketed. the mortgage payment for the median new home sold in the u.s. during october 2022 would now consume nearly half the monthly income of an american household earning the median income.
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