Rising inflation is translating into changing homebuyer preferences and budgets, as rising inflation increasing erodes consumers' purchasing power.
The average consumer is spending nearly $500 more a week for monthly items other than housing, according to the National Association of Realtors, but wages haven't kept pace, rising by just $212 per month.
Meanwhile, home-price appreciation was greater than weekly wage growth in the first quarter of 2022 in 81% of the US counties analyzed by data firm ATTOM in the report, led by Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles).
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