Housing market prices are more unaffordable than ever in 99% of U.S. counties

Housing prices in 99% of U.S. counties are more unaffordable than ever for the average American earner, according to a new report from the real estate data site Attom.

Median-priced single-family homes and condos are “less affordable in the third quarter of 2023 compared to historical averages in 99% of counties around the nation” out of the 578 counties included in the report with enough data to analyze, Attom stated in a news release last week on its latest U.S. Home Affordability Report.

“The latest trend continues a two-year pattern of home ownership getting more and more difficult for average U.S. wage earners,” Attom reported.

Home prices outpacing wages:

Even though mortgage interest rates remain elevated amid the Federal Reserve’s battle with record levels of inflation, U.S. housing market prices have remained stubbornly high and in many areas have continued to grow even as sales have slowed dramatically compared to the pandemic housing frenzy in 2020, 2021 and early 2022 (See full article here).