Buying a home in the US is the least affordable it's been in 33 years as mortgage rates soar this year and home prices hit record highs.
The National Association of Realtors revealed Friday that its housing-affordability index - a metric that uses median existing-home prices, median family incomes and average mortgage rates to calculate home affordability - fell to 98.5 percent in June, the lowest level since 1989.
An index of 100 means the average family has more than enough income required to buy a home, with a dip below that mark suggesting households are struggling to enter the housing market.
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