Real Estate
First-Time Homebuyer Affordability in U.S. Is Worst in Three Years
- Single-family median purchase price jumps 14.6% to $361,700
- Rising mortgage rates also taking a toll, Realtors group says
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It’s getting harder to afford a home in the U.S.
For first-time buyers, mortgage payments jumped to 25.6% of household incomes in the fourth quarter, the worst affordability level in three years, according to the National Association of Realtors. The share was 22.4% a year earlier.