Home affordability at worst level since 2007

Median-priced homes were less affordable in the second quarter of 2022, with prices up to their highest point since the market fell off a cliff in 2007.

The share of take-home pay required for home ownership of single-family homes and condos hit a peak of $349,000 this past quarter as mortgage rates eclipsed 5 percent for 30-year loans. During the quarter, home ownership costs rose at the fastest clip in the past two decades, according to research from ATTOM.

The biggest price gains were concentrated in Texas, Florida, and Nevada.

The median price of a home hit $349,000, a new high, requiring more than 28 percent of the average $67,000 wage.

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