During Q4 2024, home affordability worsened, with data showing home expenses take up more than 30% of the average household wage
Dec. 26, 2024
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Housing affordability declined during Q4 2024.
Home affordability in the U.S. continues to worsen. According to a recent report from property data provider ATTOM, Q4 2024 continued a three-year trend of rising homeownership costs across the U.S. Major home expenses now take up 34% of the average national wage, exceeding the preferred 28% lending guideline. The national median home price has risen to $364,750, and while mortgage rates have declined slightly, they remain above 6%, keeping homeownership expenses unaffordable for many.
Historic measures remain negative as the portion of average local wages consumed by major home-ownership expenses on typical homes are considered unaffordable during the fourth quarter of 2024 in about 70 percent of the 566 counties in the report, based on the 28 percent guideline. Counties with the largest populations that are unaffordable in the fourth quarter are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Miami-Dade County, FL.Read more
