Average American can’t afford home in 70% of country

 

  • Homes are actually a bit more affordable today than a year ago, and experts are watching to see if that will continue in 2019 
  • Still, in more than 70 percent of the country, home prices are more than the average worker can afford
  • Brooklyn and Manhattan took the largest share of income to buy a home — 115 percent 

Even with rising wages and falling mortgage rates, Americans can’t afford a home in more than 70 percent of the country. Out of 473 U.S. counties analyzed in a report, 335 listed median home prices more than what average wage earners could afford, according to a report from ATTOM Data Solutions. Among them are the counties that include Los Angeles and San Diego in California, as well as Miami-Dade County in Florida and Maricopa County in Arizona.

New York City claimed the largest share of a person’s income to purchase a home, according to the report. While average earners nationwide need to spend only about one-third of their income on a home, residents in Brooklyn and Manhattan must shell out more than 115 percent of their income. In San Francisco, residents must spend 103 percent, and in Hawaii’s Maui County, it takes 101 percent. Homes were found to be affordable in Chicago, Cleveland, Houston, Detroit and Philadelphia.

www.cbsnews.com/news/housing-market-2019-americans-cant-afford-a-home-in-70-percent-of-the-country/

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