Record-low mortgage rates of 2.96% in 2021 fueled a surge in homebuying and enabled more middle-income households to step onto the property ladder. But the rapid increase in demand, higher building costs, and rising mortgage rates — which hit 6.84% in 2024 — have resulted in an unaffordable housing market for the average American.
The average mortgage payment in 2021 represented just 16.9% of the median household income, according to the National Association of REALTORS® (NAR) Housing Affordability Index.[1] As of September 2024, that figure has climbed to 23.7% — but NAR doesn’t factor in home insurance premiums, which increased by 24% between October 2021 and 2024.
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