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Wealth
Economics

Median Price of US Home is Now More Than $400,000

  • Loan payments claim 24% of incomes, Realtors group says
  • Single-family median price rises above $400,000 for first time
Homes in Hercules, California.

Homes in Hercules, California.

Photographer: David Paul Morris/Bloomberg

It’s harder than ever to afford a home in the US, with higher mortgage rates claiming a bigger share of incomes and prices still rising at double-digit rates across most of the country.

The monthly bill on a typical existing single-family home with a 20% down payment jumped to $1,841 in the second quarter, according to the National Association of Realtors. That’s up 32%, or $444, from the first quarter and a 50% jump from a year earlier. Families spent about 24% of their incomes on mortgage payments in the second quarter, up from 19% in the previous three months and 17% last year.