On Thursday’s “NBC Nightly News” broadcast, NBC News business and data reporter Brian Chung said that according to NBC’s new Home Buyer Index, “it’s harder to buy a home now than it has been at any time in the last decade,” and that “the average home is now about $70,000 more than the average household can afford.”
“NBC News’ new Home Buyer Index says buying a home will be harder across the U.S. in 2022 and beyond than at any time in the past decade,” Chang said. “The index takes into account factors like median home sales prices, which have risen 6% over the past year, and 30-year fixed mortgage rates, which have also risen about 7%, but it also takes into account available inventory. While inventory is still scarce, it is slowly improving, increasing by about 13% nationwide. The NBC News Home Buyer Index rates the overall difficulty of buying a home on a scale from zero to 100, the most difficult. In April, the index was at 82.4, near its highest level ever. That means the average home is about $70,000 more than the average household can afford.”
He added: “Experts say the housing market isn’t going to get any easier for buyers anytime soon. With mortgage rates predicted to remain close to 7% until the end of the year, potential buyers will be forced to wait even longer to secure their dream home.”
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