Americans Can Barely Afford Homes — and That’s a Problem for Biden
- Housing affordability declined to lowest level on record
- Milwaukee market in swing state Wisconsin exemplifies drop
Record-low US housing affordability is squeezing homebuyers and renters while threatening to spill into presidential politics.
Milwaukee, the largest city in key swing state Wisconsin, saw affordability deteriorate in its rental market more than almost any US metro area in the year ended July, according to a measure by the National Association of Realtors. The region also recorded one of the greatest increases in mortgage burden among the biggest 50 metros in the past year, data from Zillow show.