IPFS News Link • Economy - Economics USA
In Nearly 70% Of US Counties, The Average Worker Can't Afford To Buy A Home
• zerohedge.com by Tyler DurdenAnd in its latest quarterly report on housing affordability in the US, ATTOM discovered that median-priced homes aren't affordable to average wage earners in an astounding 68% of US housing markets.
In its report, the company calculated affordability by incorporating the amount of income needed to make monthly home payments - including mortgage payments, property tax payments and insurance - on a median-priced home, assuming a 3% down payment and a 28% maximum "front-end" debt-to-income ratio.
That required income was then compared with the median home price.