Nationwide home affordability declined again in the second quarter of the year as rising prices pushed up the wages necessary to afford a home, according to a new report. <\/p>\n\n\n\n
Major homeownership expenses last quarter now require about 33 percent of a family\u2019s monthly income, the report<\/u><\/a> from nationwide property data provider ATTOM showed.<\/p>\n\n\n\n Homes were less affordable in 98 percent of counties with data to analyze when compared to historical averages. This marks the highest debt-to-income ratio since 2007.<\/p>\n\n\n\n Buyers needed to earn $75,000 annually to afford the typical home in half of the markets ATTOM analyzed. <\/p>\n\n\n\n After three quarters of declines, the median single-family home value rose 10 percent from the first quarter to $350,000 \u2014 the largest increase in more than a decade, the company found. <\/p>\n\n\n\n \u201cThe U.S. housing market has done an about-face following a downturn that threatened to usher in an extended period of flat or falling prices. With that has come another blow to how much house the average worker around the country can afford,\u201d ATTOM CEO Rob Barber said in a statement. <\/p>\n\n\n\n \u201cWhether this is just a temporary blip amid this year\u2019s peak buying season or a sign of another extended price surge is anyone\u2019s guess,\u201d Barber continued. \u201cBut any predictions of a market demise were certainly premature, and house hunters are feeling the pinch.\u201d <\/p>\n\n\n\n Home prices fell in the back half of 2022 amid the Federal Reserve\u2019s fight with inflation that pushed up mortgage rates to more than 7 percent in November. <\/p>\n\n\n\n Mortgage rates have since moderated but settled for the last few months above 6 percent.<\/p>\n\n\n\n