The surprising reality revealed by a new survey is that home ownership is now only a faraway dream for 99 percent of Americans nationwide.
The most recent ATTOM survey indicates a depressing trend: buying a home has gotten more out of reach than before. The past two years have seen a continuation of this unsettling tendency.
According to a recent article by Mortgage News Daily quoted in Newsweek, mortgage rates have doubled during President Joe Biden’s administration.
The average interest rate on a 30-year fixed mortgage last week exceeded 7.5 percent, a level not seen since 2001.
According to Wendy Schiller, a political science professor at Brown University, home ownership becomes costly, causing a political change.
“It contributes to a general sense that the American Dream is out of reach and that if the Democratic Party promises a middle-class American Dream and it’s failing, then I think those voters are more likely to listen to the Republican Party,” Schiller said.
“The dynamics influencing the U.S. housing market appear to continuously work against everyday Americans, potentially to the point where they could start to have a significant impact on home prices,” According to the ATTOM website, CEO Rob Barber made this statement.
“[W]ith basic homeownership now soaking up more than a third of average pay, the stage is set for some potential buyers to be priced out, which would reduce demand and the upward pressure on prices,” he said.
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Alarming Increase in Home Ownership Costs, According to New Report. A thorough study by ATTOM found that the primary costs associated with home ownership now account for 35% of Americans’ income, up significantly from only 21% in 2021. Learn more about this critical problem affecting homes all throughout the nation.
According to the survey, the national median price for single-family houses and condominiums has reached $351,250.
A startling 100% increase in just two years is shown in 574 out of 578 counties, which are experiencing declining affordability.
According to a recent research, the majority of property markets demand an annual salary of over $75,000 to finance a home. 57 percent of the 578 markets examined fit this description.
“The only people who are selling right now are people who really need to move because of a life event — divorce, marriage, new baby, new job, etc.,” Redfin’s top economist, Daryl Fairweather, told CBS that existing homeowners do not want to refinance into mortgages with higher interest rates.
“First-time home buyers, who are often the most sensitive to interest rates, have had to postpone their home-buying dreams,” stated Dan Hnatkovskyy, co-founder of the firm engaged in new house development, NewHomesMate.
