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2024-07-20 16:00:00 +0300

US Housing Affordability Is Set to Drop to 2007 Levels This Year, S&P; Says

Housing affordability is set to worsen to levels last seen early in the financial crisis as rising mortgage rates compound high prices, according to S&P Global Ratings.

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By the end of this year, mortgage payments will make up 28% of income for the typical first-time buyer -- the highest since the first quarter of 2007 -- assuming a 10% down payment, S&P North American Chief Economist Beth Ann Bovino said in a report. Mortgages shouldn’t exceed 25% of income to be considered affordable, per guidelines from the National Association of Realtors.

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