Housing Blues Continue to Play: Unaffordable Mortgages


Soaring house costs and mortgage charges, together with a scarcity of provide, have hammered the hopes of many potential house consumers, and the outlook stays bleak.

Just ask Beth Ann Bovino, chief North American economist for S&P Global Ratings.

“We think a typical U.S. first-time buyer now finds that owning a home is too expensive, based on our estimates of how long it takes to save money for a down payment and how high monthly payments as a share of income have climbed,” she wrote in a commentary.

“By fourth-quarter 2022, it will take 11.3 years for a first-time homebuyer with median income to save for a 10% down payment.”

Source: www.thestreet.com