Housing affordability hit its worst level in nearly a decade during the first quarter, according to Attom Data Solutions.
Attom measures affordability by comparing average wages to median home prices to determine the share of income people need to spend on housing.
Prospective buyers needed to shell out more because mortgage rates rose. The pace of home-price growth actually slowed, according to Attom.
Housing in the US has not been this unaffordable since property values were in free fall 10 years ago.
In the first quarter, affordability as measured by the average share of income needed to buy a median-priced house was at its worst since the third quarter of 2008, according to Attom Data Solutions. The firm’s affordability index fell to 95, the lowest since it read at 86 nearly a decade ago.See the rest of the story at Business Insider
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