Expenses associated with owning a home now take up 35.1% of homeowner's take-home pay, up from 32.1% last year and above the 28% guideline. More than a third of the country spends 43% of wages on their home.
Home prices are rising faster than wages, creating an affordability challenge. Annual home prices are outpacing wages in many counties, leading to a 'seriously unaffordable' situation.
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