A recent market analysis from News Corporation highlights a significant decline in housing affordability, revealing that only 28% of homes on the market are within financial reach for a typical household. Despite a 15.7% increase in median income since 2019, buying power has dropped nearly $30,000, with the maximum affordable home price for a median-income household falling to $298,000 from $325,000 in 2019. The report attributes this decline to higher mortgage rates, which add an extra $7,200 annually in financing costs for a $400,000 home. The data underscores the challenges buyers face in a market characterized by shrinking buying power and limited affordable housing options.
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