{"id":9713,"date":"2023-08-07T11:29:24","date_gmt":"2023-08-07T11:29:24","guid":{"rendered":"https:\/\/isafespend.com\/news\/us-housing-affordability-at-an-all-time-low\/"},"modified":"2023-08-07T11:29:25","modified_gmt":"2023-08-07T11:29:25","slug":"us-housing-affordability-at-an-all-time-low","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9713","title":{"rendered":"US housing affordability at an all-time low"},"content":{"rendered":"<div><!----> <!----> <\/p>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\"><\/div>\n<\/div>\n<\/div>\n<p>Global markets publication The Kobeissi Letter declared last week that housing affordability in America is now at an all-time low, pointing to several striking data points showing it is more expensive to pay for a place to live in the U.S. than ever.<\/p>\n<p>For starters, the outlet said buying a house in the U.S. has become a luxury. It pointed to a Redfin report released Friday showing the median home mortgage payment in the U.S. hit $2,605 a month in July, up 19% from a year ago and the most expensive ever.<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>Kobeissi reported there are now a record 31 states where homeowners pay a median monthly house payment above $2,000 per month, and Hawaii is now the first state in history with a median house payment above $5,000. Not far behind are Californians whose median mortgage bill is at $4,800, followed by Massachusetts homeowners who pay $4,000.<\/p>\n<p>Thirty-seven states now require at least 30% of median annual income for new home payments in what the letter said &#8220;truly is an unprecedented market.&#8221; In California, the median house payment requires a record 64% of median household income.<\/p>\n<p><strong>SEATTLE WOMAN OCCUPIES TREE SCHEDULED TO BE CUT DOWN FOR AFFORDABLE HOUSING UNITS<\/strong><\/p>\n<p>It&#8217;s not just pricey to buy a home \u2013 renting one will also set Americans back more than ever before. The median asking rent for a single-family home\u00a0just reached an all-time high of $1,900 a month.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><img decoding=\"async\" src=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/home-for-rent.jpg\" alt=\"home for rent in Miami\"><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>Adam Kobeissi, the letter&#8217;s founder and editor-in-chief, noted to FOX Business that affordability is even lower than in housing crisis of 2008, but the market circumstances are much different today: this is primarily a supply issue, not necessarily demand.<\/p>\n<p>Kobeissi says typically, in a market where interest rates rise as fast as they have under the Federal Reserve&#8217;s ongoing rate-hike campaign that currently has the average for a 30-year mortgage around 7.1%, housing prices would be expected to pull back.\u00a0<\/p>\n<p>&#8220;This time around it&#8217;s been the exact opposite, and it&#8217;s not because of a lack of demand, but because of abundant demand \u2013 it&#8217;s because of lack of supply,&#8221; he said. &#8220;So basically, what it means for consumers is we don&#8217;t think the housing market is going to have a substantial drought anytime soon.&#8221;<\/p>\n<p><strong>WHITE HOUSE TARGETS \u2018JUNK FEES\u2019 AS RENT PRICES SOAR UNDER BIDEN ADMINISTRATION<\/strong><\/p>\n<p>Kobeissi said home prices may pull back 10% or 20% maximum at some point, but his analysts do not see an &#8217;08-style event happening, adding, &#8220;It&#8217;s not the same setup, but it just means that the housing market is just going to stay stubborn for longer in our view.&#8221;<\/p>\n<p>One of the reasons supply is so limited, Kobeissi says, is that there are so many homeowners locked into sub-3% and sub-4% mortgage rates, so most people do not want to sell their homes and end up with a 7%-plus rate.<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><img decoding=\"async\" src=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/homes-neighborhood.jpg\" alt=\"new homes being build in Sacramento, California\"><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>When asked about reports that rising home construction could help ease the inventory shortage, Kobeissi said that might help, but the problem is new construction is still being sold at a hefty premium, too. He noted the cost of building materials remain historically high since their surge during the pandemic era.<\/p>\n<p><strong><\/strong><\/p>\n<p>He explained, &#8220;There are so many different things: low inventory, inflation, interest rates \u2013 those are all kind of working together in this situation.&#8221;<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.foxbusiness.com\/economy\/us-housing-affordability-at-an-all-time-low\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global markets publication The Kobeissi Letter declared last week that housing affordability in America is now at an all-time low, pointing to several striking data points showing it is more expensive to pay for a place to live in the U.S. than ever. For starters, the outlet said buying a house in the U.S. has<\/p>\n","protected":false},"author":1,"featured_media":9714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-9713","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US housing affordability at an all-time low | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Global markets publication The Kobeissi Letter declared last week that housing affordability in America is now at an all-time low, pointing to several\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=9713\" 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