by Michael
If you are looking to buy a home right now, I feel so sorry for you.
The other day when I wrote that “life in America has never been more unaffordable than it is right now”, some people thought that I was exaggerating.
But the truth is that I was not exaggerating one bit.
The cost of living has risen to extremely painful levels, and this is particularly true when it comes to housing. Since 2019, the median price of a home in the United States has risen by more than $100,000. And thanks to the Federal Reserve, we are now facing dramatically higher interest rates.
As a result, housing has become extraordinarily unaffordable. In fact, a new report that was just released determined that homes are currently “unaffordable” in 99 percent of U.S. counties…
The typical American cannot afford to buy a home in a growing number of communities across the nation, according to common lending standards.
That’s the main takeaway from a new report from real estate data provider ATTOM. Researchers examined the median home prices last year for roughly 575 U.S. counties and found that home prices in 99% of those areas are beyond the reach of the average income earner, who makes $71,214 a year, according to ATTOM.
In the entire history of our country, we have never seen anything like this before.
A combination of insanely high home prices and suffocatingly high mortgage rates have literally frozen the housing market.
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