Homes Unaffordable in 99% of America: Report

September 29, 2023

An average American would consider homes in 99 percent of the country to be "unaffordable," according to a Thursday report from the real estate data company ATTOM.

ATTOM examined 578 counties and found that the average income earner, who makes $71,214 per year, could not afford a house in 574 of them. The company considers a home "unaffordable" if homeowners have to devote over 28 percent of their salaries toward paying for it.

Mortgage rates hit their highest level in decades last month as inflation under President Joe Biden has skyrocketed. The interest rate on a 30-year, fixed-rate home loan soared to 7.09 percent, according to data from the Mortgage Bankers Association.

That may be a warning sign for Biden, who, polls show, would lose to former president Donald Trump in a head-to-head matchup. Among Americans who say their finances are worse than before the pandemic, a staggering 71 percent said they will vote for Trump, according to a CBS poll this month. Only 28 percent said they will vote for Biden.

Nearly 50 percent of voters told CBS in a separate poll that the Biden administration's actions are increasing inflation. A Federal Reserve Bank of San Francisco study found that Biden's nearly $2 trillion stimulus package worsened inflation, the Washington Free Beacon reported.

The news "reminds voters that their situation was better, homes were more affordable, for example, when Trump was president," Bloomberg reporter Mark Niquette told CBS.

Biden's vice president, Kamala Harris, did not mention inflation when she discussed low home ownership rates last week. Instead, she blamed "climate anxiety."