real estate

Average home price in America sits at $410,110 from just $66,125 in 1981

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Per Business InsiderRealtor.com reports that the average home price in America sat at $410,110 compared to its initial $66,125 in 1981. This was as housing affordable was even worse for certain Baby Boomers.During that time, home prices were around six times more affordable.To be fair, it was also reported that the median household income during the time when average home prices were just $66,125 was $19,074 yearly. This was four times less compared to the current median income of $73,505.However, during that time, it was also reported that there were unfavorable fixed mortgage rates, which sat at 18% in 1981 compared to the close to 7% today. Danielle Hale, Realtor.com's chief economist, gave a statement regarding the mortgage rates.Hale: "Mortgage rates play a really substantial role in how affordable housing is at any time, especially since so many buyers buy with a mortgage,"In November 2022, it was reported that home buyers needed to make tens of thousands of dollars more in order to afford a typical home. This came after a report that said that people needed to make $107 annually, which was 46% up from the $74,000 required just a year earlier.In April, it was reported that in order to afford a $500,000 home in the US, a person would need to make $140,000 yearly. It was noted that on average, every mortgage that banks originated in 2022 cost them $301.See flow at unusualwhales.com/flow.Other News:Home buyers need to make tens of thousands of dollars more now to afford a typical homeTo afford a $500,000 home in the US, a person would need to make $140,000 a yearResources:Business Insider

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