Home affordability gets worse as prices and mortgage rates rise
CNN
As both home prices and mortgage rates rise, buying a home is increasingly unaffordable for a growing number of Americans.
Home prices in the first quarter were up by at least 10% from a year ago in two-thirds of the counties tracked in a new report from real estate data firm ATTOM.
The decline in affordability has happened quickly. A median-priced, single-family home was less affordable than historical norms in nearly 80% of counties analyzed. That surged from just 38% of counties that were historically less affordable a year ago. The measure is now at its highest point since mid-2008, as home prices continued rising faster than wages in much of the country.
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