Housing affordability has worsened in many parts of the country as wages fail to grow at the same pace as home prices, according to new data from ATTOM.
The publication’s Q3 2023 U.S. Home Affordability Report shows that single-family homes and condos are less affordable than they were last year in 99% of U.S. counties analyzed, with Cook County representing one of the most stark differences. Prices there rose over 5% annually in Q3 — which outpaces local wage increases, as in 47% of counties analyzed.
Cook County wages grew by approximately 3% during Q3, year over year.
Nationwide, skyrocketing prices and high mortgage rates have also bumped the portion of wages the typical homebuyer needs to purchase a home up to 35%. That’s the highest level since 2007 and is considered unaffordable by common lending standards, which call for a 28% debt-to-income ratio.