“It used to be that if you made the median income, you could afford the median-priced house,” said Domonic Purviance, a housing expert at the Atlanta Federal Reserve.
Their mortgage rate was 8.125% — above the roughly 7% national average at the time, which was hovering near 20-year highs.
While that ratio is less than the cost-burdened 30% threshold, it has doubled in the area in just the last three years.
From 2013 to 2023, the median annual household income in the U.S. has risen 50%, to $80,610.
For example, McCue said, cost-burdened homeowners may struggle to keep up with home maintenance, leading to unhealthy or unsafe living environments.
Persons:
”, Domonic Purviance, “ That’s, Haley, Ben Williams, “, ” Ben, they’d, Daniel McCue, haven’t, It’s, McCue, “ You’re, Haley Williams, “ I’ve
Organizations:
Atlanta Federal Reserve, Homes, NBC, Harvard University’s, for Housing Studies, Atlanta Fed, Federal Reserve
Locations:
Elkhart , Indiana, Elkhart, Chicago, U.S