Another Summer has given way to the crisp winds of Autumn. As the cooler temperatures and falling leaves begin to turn ones mind toward the importance of having a warm place to stay in the upcoming months, it would be prudent to look at how housing affordability has become a true concern for most people in the United States. In a very informative, yet eye-opening article, EconoFact discusses how the vast majority of household are spending well over 30% of the their income on housing. This figure includes both homeowners and renters.
The recently decline in housing unaffordability is concerning for a number of reasons. One of the primary concerns around this current economic trend is the financial stress that higher housing costs place on households. Considering further the inflationary pressures of the past five years and it appears that most American households may be squeezed into an impossible position.
