While the median home price in America has skyrocketed, wage growth has stagnated, leaving a terrible affordability crisis impacting millions of Americans.
New data from ATTOM Data Solutions shows 24% of U.S. counties are now less affordable than historic standards, which is up from just 19% a year ago. The market was only worse during 2009 when 47% of markets were less affordable than their historic affordability averages.
According to the report, out of the 414 counties analyzed in the report, 101 counties (24%) had an affordability index below 100 in the third quarter of 2016, meaning that buying a median-priced home in that county was less affordable than the historic average for that county going back to the first quarter of 2005.
Key counties highlighted include: Harris County (Houston), Texas; Kings County (Brooklyn), New York; Dallas County, Texas; Bexar County (San Antonio), Texas; and Alameda County, California in the San Francisco metro area.