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Home Affordability Hits Lowest Level in 13 Years

·3 min read
Home Affordability Hits Lowest Level in 13 Years

A household earning median wages would need to spend 32.1% of its income for mortgage payments on a median-priced home, as per the Federal Reserve Bank of Atlanta. In fact, the percentage of income needed to cover a median mortgage payment has grown a lot this year alone. When the Federal Reserve Bank of Atlanta calculates the cost of mortgage payments, it does account for other standing expenses like property taxes, homeowners insurance, and additional costs that may be lumped into monthly payments.