"Only three of the nation's 100 largest metros saw price-to-income ratios below 3, with many cities like Los Angeles and Miami exceeding a ratio of 8."
"To afford the sky-high mortgage payment of $2,570, the typical buyer would need to earn at least $126,700 a year, but only 6 million renters do."
The U.S. housing affordability crisis intensified recently, leading to the first decline in national homeownership rates since 2016. Home prices rose by nearly 4% year-over-year, reaching record highs that are unaffordable for the average American. The typical single-family home now costs $412,000, significantly exceeding the conventional price-to-income ratio of three. Many renters are unable to meet the income threshold necessary for typical mortgage payments, illustrating a deepening divide in housing access and affordability, especially in major metro areas like Los Angeles and Miami where ratios soar above 8.
Read at SFGATE
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