Mortgage rates hit a pandemic high as home prices outpace wage increases, making hot housing markets less affordable
, AZ, home prices are rising at a rate wage growth can't compete with. Maricopa County, which contains Phoenix, for example, saw its affordability decrease by 21% in the last year, ATTOM estimates, based on wage and median home price increases.
There's good news, however, if you're looking to live in large cities — Los Angeles, Chicago, Brooklyn, and Seattle's King County were among the 22% of counties where wage growth surpassed home price growth. Manhattan, Chicago, and Fairfax County, VA were all more affordable than their historic averages.
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