Not surprising the number is this large. The cost is significantly higher today, even with the recent decline in rates. https://t.co/r41CY7zbxJ
— Reef Insights (@ReefInsights) September 23, 2024
According to a recent report by Fortune, about half of all households in the U.S. cannot afford a typical starter home. This is largely due to the rising costs of homes and higher mortgage rates. To afford a starter home, a household needs to earn nearly $80,000 annually, which is more than what many households make.
Sources:
https://finance.yahoo.com/news/half-households-country-t-afford-185141289.html
https://www.redfin.com/news/starter-home-affordability-february-2024/
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