Homebuyers in the U.S. need to earn nearly $80,000 to afford a typical starter home, with monthly payments averaging $1,981, a 4.4% increase from last year. In many major metros, families earning the median income cannot afford these homes, especially in California, where incomes must be double the local median. While starter home listings rose nearly 20% year-over-year, affordability remains a...
U.S. Housing
Americans have $20.3 trillion in mortgage debt, with $14 trillion on single and multi-family homes. The average mortgage for a single-family home is $400,150, with a monthly payment of $2,256. The average interest rate for a 30-year fixed-rate mortgage is 6.87%. Delinquency rate for single-family home loans is 1.71%, higher than the average for all real estate loans. Only 0.22% of mortgage loans were in...