A homebuyer must earn $107,281 to afford the $2,682 monthly mortgage payment on the typical U.S. home, up 45.6% from $73,668 a year ago, according to a recent Redfin report.
Housing affordability took a "nosedive this year," reaching all-time lows, according to Crystal Sunbury, real estate and construction senior analyst with RSM US.
Mortgage rates, which climbed steeply in recent months, eased as a result of inflation cooling more than expected in October, and were at 6.65% on Nov. 14, down from 7.25% just a week prior.
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