The payment of the annual homeowner in October ate 46.4% of the middle American domestic income in October, a record high that is a clear indication of the ability affecting the housing market.

This is according to the most recent data of the Home Affordability Tracker published by the Federal Reserve Bank of Atlanta. The tracker uses back data dating in 2006 and calculates an average homeowner payment as part of income. The number stood since September when houses bought a cost of 46.3% of domestic income.

But it was not just a decline The entire 2022 deterioratedPayments, including taxes and insurance with 10% down payment, have touched the sky since the beginning of 2021 and recently, hostage rates.

A payment is considered a “cheap” if it takes 30% or less of domestic income. For example, average payment took 29% of the medieval US income in February 2020, which was declared a month before the Covid-19 Emergency.

Since then, rising costs have been out of reach for many buyers and many people. Home sales slowed for a crawl– The typical monthly homeowner payment in October was $ 2,682 in October, compared to $ 1,918 in early 2022, and $ 1,540 just before the epidemic.

Fortunately for homebuilders, intensive cost pressure has ended since October, but only a little. According to hostage veteran Freddy Mac, average rate for a 30-year fixed mortgage in mid-November was offered, and has come down by 6.33% compared to the previous week.

Was it enough to encourage more buyers to jump into the market, when the National Association of Reelectors December release data for the sale of the existing house.

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