Housing is becoming less affordable in most U.S. markets, albeit at a slow pace, according to the latest information from property database ATTOM's third-quarter 2021 U.S. Home Affordability Report issued Thursday.
This, despite "super low interest rates, rising wages and prices that are going through the roof," said Todd Teta, chief product officer with ATTOM.
The typical median-priced home around the United States remains affordable to workers earning an average wage, "But affordability keeps inching in the wrong direction as the housing market boom keeps roaring ahead. That's pushing average workers closer and closer to the point where lenders might be reluctant to give them a mortgage."
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