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Home affordability declines as prices rise

its second-quarter 2021 U.S. Home Affordability Report. That’s up from 48 percent in the second quarter of 2020, to the highest point in two years. Comparing historically 347 counties out of 569 has less affordable homes to buy than past averages. That is up from 275 of the same group of counties in the second quarter of 2020, a backslide that developed amid a 22 percent spike in the median national home price year-over-year to a record of $305,000. Reports say the biggest year-over-year gains in median home prices during the second quarter were in San Bernardino County, Calif., (up 25 percent); Mecklenburg County (Charlotte), N.C., (up 24 percent); Maricopa County (Phoenix), Ariz., (up 21 percent); Hillsborough County (Tampa), Fla., (up 20 percent) and Middlesex County (outside Boston), Mass., (up 20 percent). Annual wages of more than $75,000 were needed to afford the typical home.


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