US Housing Affordability Remains at a Record Low, NAR Says
- Higher mortgage rates offset slight drop in median home price
- Income needed to qualify for a mortgage rose to record in July
Homes in Rocklin, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
US housing affordability remained a record low in July as high mortgage rates and prices kept home ownership out of reach for many Americans.
The National Association of Realtors housing affordability index was unchanged at 87.8 in July, matching the lowest level in data back to 1989. A level of 100 means a family with the median income has enough income to qualify for a mortgage at the median home price.