Owning a house less affordable than any time in 17 years: Report

Median homeownership is less affordable than in the past
Homeownership costs took up more than 35% of the average wage
The median price for a single-family home is up to $360,000

Updated: Jul 3, 2024 / 03:59 PM CDT

FILE – A for sale sign is posted in front of a home in Sacramento, Calif., Thursday, March 3, 2022. HomeServices of America, a real estate company owned by Warren Buffett’s Berkshire Hathaway, has agreed to pay $250 million to settle lawsuits nationwide claiming that longstanding practices by real estate brokerages forced U.S. homeowners to pay artificially inflated broker commissions when they sold their homes. (AP Photo/Rich Pedroncelli, File)

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(NewsNation) — Buying a house in the U.S. today is less affordable than at any other time in the last 17 years, according to the real estate data company ATTOM.

The typical costs of a home, including mortgage payments, property insurance and taxes, consumed 35.1% of the average wage in the second quarter, according to the report. This is the highest share since 2007 and is up from 32.1% since last year.

Rob Barber, CEO of ATTOM, said in the report that this affordability data presents a “clear challenge” for home buyers.

“While home prices are increasing and mortgage rates remain relatively high, these factors are making homes less affordable,” Barber said.

Housing costs are one of the biggest expenses for Americans, and the national median price for a single-family home or condo has now risen to $360,000.