Not easy to afford a home: Ownership costs surge to 35% of average wage, highest since 2007

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Homeownership expenses, including mortgage payments, property insurance and taxes, accounted for 35.1% of the average wage in the second quarter of this year, marking the highest share since 2007.

This April 13, 2019, file photo, shows homes in suburban Salt Lake City. Two studies released Wednesday, June 16, 2021, found that the nation’s housing availability and affordability crisis is expected to worsen significantly following the pandemic, likely widening the …

In more than a third of U.S. markets, the cost of owning a home consumed 43% of the average local wage, significantly higher than the 28% guideline for affordability.

 

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