1031 ET - In 2024, a household earning the median U.S. income of $83,782 would have needed to allocate 41.8% of their income for the mortgage on a $429,734 median-priced home, according to Redfin. This is a minor improvement from 42.2% in 2023 but far above the 30% affordability benchmark of the 2010s. Home affordability should remain elusive in 2025, with home prices expected to rise due to low inventory, pushing more toward renting. The required income to keep housing costs at 30% hit $116,782, a record high, with median monthly payments at $2,920, up 4.3% from 2023. Despite a slight drop in mortgage rates from 6.81% to 6.72%, affordability continues to decline. (chris.wack@wsj.com)
(END) Dow Jones Newswires
January 06, 2025 10:31 ET (15:31 GMT)
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