Middle Class Can't Afford Homes In Nearly Half Of Top 100 US Metros, Study Finds [zero hedge]
Federal Home Loan Mortgage Corporation (FMCC)
NASDAQ:AMEX Investor Relations:
freddiemac.com/investors
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Source: zero hedge
Middle Class Can't Afford Homes In Nearly Half Of Top 100 US Metros, Study FindsAccording to anew study by Creditnews Research, in 2024, middle-class households could afford to buy an average home in just 52 of the country’s 100 largest metros.Just five years earlier, they could afford a home in 91 of the top 100 metros.The situation is far worse for lower middle-class households, as they can only afford a home in seven of the largest 100 metros.In total, 41 out of the 100 metros require a gross annual income of $100,000 or more to qualify for an average home. In 13 metros, an average income of more than $155,000 is needed.In those cities, even the upper-middle class doesn’t qualify for an average home.The study determined affordability by looking at how much income households need to earn to afford a down payment, mortgage payment, and related fees for an average home.A home is considered affordable if monthly housing and mortgage costs don’t exceed 28% of a household’s gross income.
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FMCC
News
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- Mortgage Interest Rates Today, May 3, 2024 | Rates Inch Down but Remain Above 7% [Business Insider]Business Insider
- Mortgage rates push higher with no relief in sight: Freddie Mac [FOX Business Network]FOX Business Network
FMCC
Analyst Actions
- 2/26/24 - Keefe, Bruyette & Woods
FMCC
Sec Filings
- 5/1/24 - Form 8-K
- 5/1/24 - Form 10-Q
- 4/30/24 - Form ABS-15G
- FMCC's page on the SEC website