Mortgage Payments Are Getting More and More Unaffordable
Wall Street Journal, Oct. 3, 2021–Orla McCaffrey (subscription)
House prices are rising at a record pace but incomes aren’t keeping up, which is making home ownership less and less affordable. The median American household would need 32.1% of its income to cover mortgage payments on a median-priced home, according to the Federal Reserve Bank of Atlanta. That is the most since November 2008, when the same outlays would eat up 34.2% of income.