ATTOM Data Solutions keeps a quarterly record of how affordable it is to buy a house based on monthly homeownership expenses for a median-priced home, including mortgage payments, property taxes, and insurance. Its U.S. Home Affordability Report looks at data from 589 counties to determine whether homeownership is more or less affordable today compared to historical levels. According to the most recent report, affordability was more challenging during the second quarter, as prices continued to increase and mortgage rates briefly spiked. In fact, 582 of the 589 analyzed counties were less affordable than in the past.
Rob Barber, ATTOM's CEO, says some of the affordability crunch was seasonal. “It's common for these trends to intensify during the spring buying season when buyer demand increases,” Barber said. “However, the trends this year are particularly challenging for house hunters, more so than at any point since the housing market boom began in 2012.”
[Source: ATTOM]
