Median Home Prices Not Affordable to Average U.S. Wage Earner in 2019

WORLD PROPERTY JOURNAL | December 26, 2019

According to ATTOM Data Solutions fourth-quarter 2019 U.S. Home Affordability Report, the median home prices in the fourth quarter of 2019 were unaffordable for average wage earners in 344 of 486, or 71 percent of the U.S. counties analyzed in the report. That figure was down from 73 percent in third quarter and 75 percent from a year earlier. The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments -- including mortgage, property taxes and insurance -- on a median-priced home, assuming a 3 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below).

Spotlight

Real estate offers excellent income potential, flexible work hours, and freedom to set your own pace. But working in this field is like anything else. You need the right education, training, and drive to compete with the best in the biz. To get started, follow the steps below to ensure your future success and profitability.

Spotlight

Real estate offers excellent income potential, flexible work hours, and freedom to set your own pace. But working in this field is like anything else. You need the right education, training, and drive to compete with the best in the biz. To get started, follow the steps below to ensure your future success and profitability.

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