New data says a house now costs nearly 8 times annual income. That’s twice the historical average. In fact, it’s above the *peak* of the 2008 housing bubble. Add on soaring mortgage rates and the interest paid on the median home went from $150,000 pre-pandemic to over $500,000 in interest alone.
New data says a house now costs nearly 8 times annual income.
That’s twice the historical average.
In fact, it’s above the *peak* of the 2008 housing bubble.
Add on soaring mortgage rates and the interest paid on the median home went from $150,000 pre-pandemic to over… pic.twitter.com/7r86cLAz3X
— Peter St Onge, Ph.D. (@profstonge) May 20, 2024
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