The American dream continues to fade for many people.
Bloomberg reports housing affordability dropped this quarter to the lowest it’s been since late 2008, citing data released this month by the National Association of Realtors.
Last month, the median price of a previously-owned home rose to $264,800, according to data from the National Association of Realtors.
The Baton Rouge market also showed similar growth as median sales prices for the first quarter rose 9.5% to $193,900. Median prices were $177,000 in the first quarter of 2017.
Three-quarters of average wage earners were pushed out of the market by the rising property costs, which have increased faster than wages in 64% of regions surveyed, ATTOM Data Solutions reports.
In a separate report by ATTOM, national data shows average wage earners have to spend 31.2% of income to buy a median-priced home this quarter, above the historic average of 29.6%.