07/30/2024
Key points
Higher home prices and higher interest rates have led to record declines in
home ownership affordability.
The Atlanta Fed’s HOAM Index dropped in April to 72.8, its lowest
level since July 2006.
Home ownership affordability declined by 25.2 percent in April compared to
one year earlier, the sharpest decline on record, going back to 2006.
A median-income household would need to spend 41.2 percent of its income to
own a median-priced house, the highest share since August 2006.
A household would need to pay $639 more per month to own a median-priced
home in April compared to a year ago, the largest increase on record.
Key points Higher home prices and higher interest rates have led to record declines in home ownership affordability. The Atlanta Fed’s HOAM Index dropped in April to 72.8, its lowest level since July 2006.
