Report: Home Prices "Unaffordable" for Average Americans

Average Americans cannot afford to buy a home in a growing number of communities across the United States, according to a report released Thursday by real estate data provider ATTOM.

The report, CBS News noted, details how researchers analyzed 575 United States counties last year and found that 99 percent of those areas have home prices that are out of reach for “the average income earner” making $71,214 a year.

Housing experts blamed a few trends for driving up housing costs.

“Mortgage rates have topped 7%, adding hundreds of dollars per month to a potential house payment,” CBS News reported. “At the same time, homeowners who locked in at lower mortgage rates during the pandemic have opted not to sell out of fear of having to buy another property at today’s elevated rates, depleting the supply of homes for sale.”