With mortgage rates hitting their highest level in over 20 years, along with stubbornly sticky prices, U.S. housing market affordability is even lower than at the peak of the housing bubble in 2006.
- According to the Atlanta Fed, the national median home price is $372,825, median income is $76,072, interest rate is 6.7%, and total median monthly payment is $2,737, including taxes and insurance.
- They estimated the annual total payment share of median income to be more than 43%, well over the recommended 30% of income.
- Compare that score to a score of 112.3 in November 2012, when the median home price was $197,333, median income was $52,161, and the interest rate was 3.4%.