Homes are unaffordable in 80% of larger U.S. counties, analysis finds [Yahoo! Finance]
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Federal Home Loan Mortgage Corporation (FMCC)
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Source: Yahoo! Finance
Between April and June, homeowners in 80% of 589 counties were spending more than 28% of their wages on housing costs, including mortgage payments, property taxes and homeowners insurance, according to a report from real estate analytics firm ATTOM. Home prices have hit record highs this year amid a shortage of affordable properties and mortgage rates hovering around 7%, more than twice their level in 2021. Homeowners are typically advised to spend no more 28% of their wages on housing, and anything above that level is considered unaffordable. But ATTOM found that the average homeowner, with a typical annual income of $72,358, pays $2,114 a month for housing — that means about 35% of their pay goes to housing costs. In more than a third of the markets ATTOM examined, homeowners were spending at least 43% of their wages on housing, a level the firm defines as "seriously unaffordable." "Among the 589 counties analyzed, 582, or 98.8%, were less affordable in the second quarter of
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- The US housing slump deepened this spring. Where does that leave home shoppers and sellers? [Yahoo! Finance Canada]Yahoo! Finance Canada
FMCC
Sec Filings
- 7/8/24 - Form 3
- 7/2/24 - Form ABS-15G
- 7/2/24 - Form ABS-15G
- FMCC's page on the SEC website