By NAHB
A new study by NAHB puts a spotlight on the nation’s housing affordability crisis and illustrates how even a relatively small increase in the price of a home can prevent hundreds of thousands of households from achieving the goal of homeownership.
The study found that a $1,000 increase in the U.S. median new home price of $346,757 would push 153,967 households out of the market. In other words, based on their incomes, these households would be able to qualify for a mortgage to purchase the home before the price increase, but not afterward.
Putting the affordability challenge further in perspective, 75.1 million households, or roughly 60% of all U.S households, are currently unable to afford a new median priced home.
