This is a news story, published by Yahoo Finance, that relates primarily to the National Association of Home Builders news.
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Home affordabilityYahoo Finance
•79% Informative
The median price for a new home has jumped to $ 495,750 , according to the National Association of Home Builders .
The Census Bureau found that the median household income is $ 80,610 .
Mortgage rates have risen sharply since the pandemic, exacerbating the affordability crisis.
There is some relief in sight with a Federal Reserve interest rate cut on the horizon.
A 30-year fixed-rate mortgage with a 5.795% interest rate, along with property taxes and PMI totaling $ 475 per month, the maximum affordable home price would be $ 329,728 .
Save 1% of your home’s purchase price for repairs and maintenance because those costs are yours.
VR Score
78
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76
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48
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4
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