The Unaffordable Housing Market: Where to Buy a Home for Under $150K.
TL;DR Summary
The Mortgage Bankers Association's Purchase Applications Payment Index hit a record high, indicating declining affordability for new home buyers in the US. The national median mortgage payment was $2,112 in April, up from $2,093 the prior month. The PAPI gauge saw the highest readings in Idaho, Nevada, Arizona, Florida, and California. Only St. Louis, Detroit, Chicago, and Baltimore qualify as "affordable" out of the 25 largest cities, according to Goldman's Housing Affordability Indices.
Topics:top-news#affordability#housing-market#interest-rates#inventory#mortgage-bankers-association#real-estate
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