ATTOM Report

Wooden table with newspaper, chairs, and inset photo of man in blue jacket overlooking cityscape.

Skyrocketing Home Prices And Mortgage Rates Leave Average Americans Struggling To Afford Ownership

According to the ATTOM's 2023 U.S. Home Affordability Report, the average 30-year mortgage rate has risen from 3% to 7%, and the nationwide median home price has reached a record $351,250. This has caused the typical portion of average wages required for home ownership expenses to increase to 35%, which is considered unaffordable by lending standards. Most counties in the US have become less...