With interest rates rising, more than half of U.S. households could be priced out of starter homes by 2025, according to a new S&P Global report.
Getting a foot in the door of the U.S. housing market could get much harder for a broader swath of households, even as the pandemic boom cools and home builders brace for a potential recession.
Low affordability already cut the bottom 40% of households out of the market for starter homes, according to a new S&P Global Ratings report, which forecasts 60% of households will be priced out by the end of 2025 . Specifically, the bottom one-fifth bracket, or households making up to about $27,000 a year, would need to spend at least 100% of their income to afford a monthly mortgage payment, according to the report.
The nonprofit California law firm and advocacy group focuses on housing, education and climate justice for low-income communities and people of color. S&P’s report pointed to the roughly 20% annual rise in home prices and a more “hawkish” Federal Reserve as key culprits of the housing “affordability crunch,” with the central bank’s inflation-fighting policies pushing 30-year mortgage rates to 5.18% in the second quarter, a 13-year high.
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