Buying a house in 2023? Here’s how much is needed to afford the typical US home
Mortgage rates remain close to 8%.


With high borrowing costs and steep home prices, potential buyers need to make at least $114,627 to afford a median-priced home in the U.S. That's a new record.

It marks the highest annual income households have ever needed to buy a home, and is about $40,000 more than what the typical American household pulls in annually, according to a recent report from real estate brokerage Redfin.

In 2022, the typical median household income in 2022 was roughly $75,000, the brokerage reported.

The income needed to buy a home today is up 15% from a year ago, but it's more than 50% higher since the start of the COVID-19 pandemic, the data showed.

Chen Zhao, Redfin's economics research lead, said that in an ideal world, rising mortgage rates would hinder demand and subsequently lower home prices far enough to make up for high interest payments.

"But that’s not what’s happening now: Although new listings are ticking up slightly, inventory is still near record lows as homeowners hang onto their low mortgage rates – and that’s propping up prices," said Zhao.

It's unsurprising that homeowners are staying put. As of June, more than 91% of U.S. mortgaged homeowners had a rate below 6%, the brokerage previously reported.

The rate on the 30-year fixed mortgage climbed to 7.63% on Thursday, Freddie Mac reported, the highest level in over two decades.

It's a far cry from when rates were 3.22% in January 2022.

Although average U.S. hourly wage has increased by about 5% over the last year it hasn't kept pace with the income necessary to afford a home, Redfin said.

Zhao said buyers who need to move can find some reprieve when looking into condos or townhouses because they are less expensive than single-family homes. They can also consider moving to a more affordable suburb, which will take some pressure off their wallets.

 

Two homes in our neighborhood have been sold in recent months.
Now, when we bought our home four years ago, you know, when Trump was president, we made a full price offer the morning the house went up for sale. There were 4 other full price offers. Ours was accepted because it was the first one, beating the others by an hour, and because we were already qualified by the bank, so the deal could close faster.
Our old house had an offer 4 hours after it went on the market. A full price offer.

So, the two homes that sold recently were on the market for 58 days and 34 days, respectively. One house sold for 80% of asking, the other for 85% of asking. In both cases the buyers cited the interest rate they qualified for, 7 3/8% and 7 7/8%.

Our interest rate four years ago was set at 3 3/8%. The people who bought our old house were also at 3 3/8%.

A niece sold her house last fall. She has been looking for another house, and just learned that she no longer can qualify for a loan because the interest rate has priced her out of a mortgage for any home in the town she was looking at.

And that explains the fundamental difference between Trump's America and Biden's America.

 

Trump's America

 

what is a woman though?

 

says the party soft as fuck on crime since the "summer of love"

and at the same time wants to make it harder for people to defend themselves

clown world

 

This is how biden unites Americans with our tax dollars.....


Heritage Foundation sues DHS over University program

https://nypost-com.cdn.ampproject.o...s/amp/?amp_js_v=0.1&usqp=mq331AQIUAKwASCAAgM=

 

Biden's open borders plan has been working better than expected.
To date more than 6 MILLION (6,000,000) ILLEGAL MIGRANTS have been welcomed into the country by the Biden administration.
Most of them with little more than a cursory health check and background screen.
And not even an order to appear for court.
Just let them in, and in the case of New york, they'll even do your laundry for you.
They even have an app for that.
Really.
ILLEGAL MIGRANTS can now schedule their "screening appointment" with CBP at their convenience, to, you know, avoid lines and crowds.
Now, the administration claims it's to streamline the process and make it all more secure.
We don't think so.
We think they really do think we're that stupid.​

Over A Quarter Million ‘Inadmissible Aliens’ Released Into U.S. (msn.com)
Over A Quarter Million ‘Inadmissible Aliens’ Released Into U.S.
Story by Claire O'Hare • 15h

The CBP One app, expanded under the Biden administration, has allowed hundreds of thousands of inadmissible aliens to be released into the U.S., according to documents obtained by the House Committee on Homeland Security.

The app, which allows foreign nationals to schedule asylum appointments, saw 95.8% of inadmissible aliens released into the country with a notice to appear in immigration court.

Data shows that individuals from various countries, including Russia and Venezuela, had high release rates ranging from 88% to 97%.

“Hundreds of thousands of inadmissible aliens, including from hostile nations like Russia,” have been released into the interior of the United States, a press release from the House Homeland Security Committee explains.

“Secretary Mayorkas has utterly abused the CBP One app in his quest for open borders,” Representative and Homeland Security Committee Chairman Mark Green (R-TN) charged.

“These numbers are proof that Mayorkas’ operation is a smokescreen for the mass release of individuals into this country who would otherwise have zero claim to be admitted.”

The release of these individuals raises concerns about potential security risks.

The surge in illegal immigration under Biden’s presidency, with 1.7 million gotaways recorded, has contributed to public disapproval of his handling of immigration.

“At a time when global tensions are rising, and our enemies are growing bolder, releasing tens of thousands of these people into our communities—especially when they have not received adequate, if any, vetting—is irresponsible.”

“It shouldn’t take a subpoena threat from Congress to get these answers, but we are going to keep fighting for the truth,” he added.

 

Welcome to the USA