Buyers Put Down More To Lower Monthly Costs
With home prices soaring out of reach and rates hot, Americans are doing whatever they can to lower their monthly payments, according to a series of new reports from Redfin.
The typical monthly housing payment hit a record high of $2,721 in the four weeks ending March 24, up 10% YOY.
A combination of prices and rates is keeping homeownership unaffordable for the average family, which earns $30,000 less per year than necessary to comfortably purchase a house.
First-time buyers have it even worse thanks to boiling competition for low-priced homes. To afford a starter home, they need to earn almost twice as much as before the pandemic.
With these pressures on Americans’ wallets, buyers are looking for other ways…
