US Housing Affordability Worsens to New Record Low on High Rates
- National Association of Realtors index fell to 91.7 in August
- Families spent 27.3% of income on annual mortgage payment
Homes in Centreville, Maryland.
Photographer: Nathan Howard/BloombergThis article is for subscribers only.
US housing affordability worsened to a fresh record low in August as Americans continue to bend under the weight of soaring mortgage rates and sticky prices.
The National Association of Realtors index decreased to 91.7 in August, marking the lowest level in data back to 1989, according to data out Friday. A level below 100 means a household with a median income doesn’t earn enough to qualify for a mortgage on a median-priced home.