The Income You Need to Afford a Home in Each State
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The article discusses the housing affordability crisis in the U.S., highlighting the income needed to afford a home in each state. It notes that home prices and mortgage rates have surged, making homeownership challenging for many. The S&P CoreLogic Case-Shiller US National Home Price Index shows a 53% increase in housing costs since January 2020. The median home price is now 4.9 times higher than the median household income, compared to 3.1 in 1990. The article provides state-specific data on the income required to afford a typical home, considering factors like mortgage rates, property taxes, and insurance premiums.
December 05, 2024 | 12:30 pm
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The S&P CoreLogic Case-Shiller US National Home Price Index, which is a key indicator of housing market trends, shows a 53% increase in housing costs since January 2020. This impacts the broader economic outlook and could influence investor sentiment towards the housing market.
The S&P CoreLogic Case-Shiller US National Home Price Index is a significant indicator of housing market trends. A 53% increase in housing costs suggests a strong housing market, but also highlights affordability issues. This could lead to mixed investor sentiment, with some seeing potential in real estate investments while others may be concerned about economic implications.
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