Home prices may have come down from their 2022 high, but they remained out of reach for the typical would-be first-time buyer in the second quarter, especially in the nation's most populous areas.
With a down payment of 8%, housing payments on a typically priced home in the second quarter of 2024 would equate to almost half of the median gross monthly income for Americans of first-time buyer age.
The average sticker price for a home in the second quarter of this year was $439,000, but the advertised price is far from the only consideration of affordability.
Using the nationwide average home price, estimated monthly housing payments for first-time buyers were close to $3,500, which constitutes 49% of the median income for Americans in the first-time home buyer age group.
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