Home Affordability in the US Sinks to Lowest Point Since 2007
- Prices and other expenses have outpaced incomes, Attom says
- Buyers in West, Northeast face biggest affordability declines
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Owning a house is less affordable for average earners in the US than at anytime in 17 years.
The costs of a typical home — including mortgage payments, property insurance and taxes — consumed 35.1% of the average wage in the second quarter, the highest share since 2007 and up from 32.1% a year earlier, according to a new report from Attom.