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 <-bsp-bb-link state=”{“bbHref”:”bbg://screens/MP”,”_id”:”00000190-76ca-d0b4-afdb-77ff064c0000″,”_type”:”0000016b-944a-dc2b-ab6b-d57ba1cc0000″}”>mortgage payments-bsp-bb-link>, 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.
Growth in expenses, along with mortgage rates hovering around 7%, have outpaced income gains as a persistent shortage of listings pushed the median home price to a record-high $360,000, Attom said. In more than a third of …
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.