2024 US housing market reaches record-low affordability, with 32.6% of families able to afford median-priced homes.
The US housing market has reached record-low affordability, the worst since 1989, driven by rising home prices and high mortgage rates. The National Association of Realtors reports that only 32.6% of families could afford a median-priced home in 2024, down from 59.2% in 2019. Renters are particularly affected, with affordability plummeting from 41.7% to 17.2%. A prolonged housing shortage has worsened this crisis for all income levels.
September 23, 2024
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