Mortgages are unaffordable in half of America’s largest housing markets

Rental affordability isn’t so great, either

By Jacob Passy | MarketWatch

Owning a home is becoming an increasingly unaffordable proposition in many of the largest metropolitan areas across the U.S.

In more than half of the nation’s 35 largest markets, buying a typical home listed for sale now requires a greater share of income than the median-valued home entailed historically, according to a new report from real estate website Zillow. Californians have it worst when it comes to home loan affordability. Mortgage payments as a share of income are higher in Los Angeles than in any other major city — for a typical property, these payments would eat up 46.8% of the median income. Historically, loan payments only represented 35.2% of median incomes for owners in the City of Angels.

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