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Growing Housing Costs Cut into Buying Power

Mortgage News > Growing Housing Costs Cut into Buying Power
Date: 12/27/2018    Growing Housing Costs Cut into Buying Power

U.S. home buyers have less buying power, according to a new report from Zillow. Using the rule that households should spend one-third or less of their income on housing costs, Zillow determined that in January 2018 households earning the national median income could afford a home that cost $393,700. After a year of rising home prices and mortgage rates, those same households can only afford homes priced at $373,00 if they want to keep their housing costs at the same percentage of their budget. If rates continue to rise in 2019 as expected, buyers will have even less buying power soon.

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