Skyrocketing home prices combined with rising mortgage rates and stagnant wages have put the American dream of homeownership out of reach for many.
US housing market: Expert says ‘all hope is not lost’ for potential homebuyersExpert says ‘some kind of miracles’ needed in 'world of real estate' to reverse trends
It marks the highest annual income households have ever needed to buy a home, and is about $40,000 more than what the typical American household pulls in annually, according to a recent report from real estate brokerage Redfin. The income needed to buy a home today is up 15% from a year ago, but it’s more than 50% higher since the start of the COVID-19 pandemic, the data showed.
“But that’s not what’s happening now: Although new listings are ticking up slightly, inventory is still near record lows as homeowners hang onto their low mortgage rates – and that’s propping up prices,” said Zhao. It’s unsurprising that homeowners are staying put. As of June, more than 91% of U.S. mortgaged homeowners had a rate below 6%, the brokerage previously reported.
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