Something should give.
Too many Americans pay far too much from their income to keep a roof over their heads, new data show – with experts warning that things cannot happen like that forever.
In a survey on the most overvalued housing markets in the country, the US News & World report revealed that a number of major cities where mortgage payers end at the end of 2024 could expect to be set at melodance Too high 60% or more of per capita income for per capita income for per capita income for per capita income for per capita income for per capita income for per capita income for for Revenue per capita for per capita income for per capita income for per capita income per capita income for per capita income for Capita to capital the privilege.
And even the national national payment ratios less absurd are still there, warn the pros, calling housing nationwide “increasingly unaffordable for average buyers”, suggesting that “if mortgage rates decrease, certain prices requested at home must possibly adjust. “
In 2020, crunchy figures revealed, the American average owner paid around 25% of income per capita for their mortgage, plus interest.
In November, this number increased to 36%. And do not be too excited that things are cheaper than they were last year, with things that cool in recent hot spots like Florida, the initiates insist – this number is still too much.
“Although the good news is that income earnings, the increase in supply and mortgage rates have led to a drop in national housing income costs compared to the last quarter of 2023, they are still much higher than ‘At the beginning of 2000, “they say.
Translation: Whatever inflation. Even adjusted for this change, much more of your pay check is to keep the lenders happy that a decade ago and a half ago.
To compile the list of worst offenders, the authors considered everything that is higher than the current national average of 36.3% as “overvalued”.
The information came mainly, they said, the US News housing market, “an interactive platform offering an overview focused on housing market nationwide”.
Here, a look at the five wildest markets at the moment – and no, believe it or not, New York is not part of it. It becomes worse than the burden of 47% of tri-states. Well worse.
1. Kahului-Wailuku-Lahaina, Hawaii-115.4%
Maui, Wowie. Even before the 2023 fires that destroyed thousands of houses and moved 12,000 residents, analysts said, Valley Island had a serious housing shortage.
“On the side of the offer, a distant location with the additional complexities of shipping prices and delays for building materials is added to costs, as well as geographic limitations to new housing and a limited offer of skilled workers “Indicates the report.
“On the demand side, intense competition not only of local buyers, but also retirees and investors from outside the State, who plan to rent their homes for a passive income.”
Experts noted that for non -local buyers, housing prices were probably relatively affordable.
Unfortunately for many inhabitants, a house is now mainly out of reach.
2. San Francisco-Oakland-Hayward-68.3%
San Francisco is perhaps not your cup of clamps of clams – but that’s good, because according to new data, most people cannot afford it. While another set of figures published last month revealed a two -digit decrease in the average prices of houses in the region, it is still far from a good deal.
The report blamed “years of housing supply that do not follow employment growth” for exorbitant prices paid at California level, in general – the bay pressing the worst offender.
3. Riverside-san Bernardino-wetario, California-67.8%
Sometimes, up to two hours from the beach, if not more, many cities in the interior Empire in southern California have come to life as affordable room communities for the most expensive places in the region.
From now on, the landowners of median medals assume a larger burden than some of their counterparts near the coast, according to the study.
4. San Diego -Carlsbad – 66.3%
A shortage of housing and prices increasing more quickly than wages have transformed recently relatively affordable watch in southern California into a place where average revenues are essentially eliminated from the market.
5. Los Angeles-Long Beach-Aaheim-66.0%
“The loss of approximately 12,000 structures in recent fires in the Los Angeles region will only be used for the high costs for buyers and tenants,” predicted study authors.
