Note: Affordability based on a 30-year fixed-rate mortgage payment of 28% of the combined earnings of two 40-hour/week workers. Data: FRED, Census Bureau; Chart: Erin Davis/Axios Visuals
Not since the housing bubble of 2007 has there been such a big gap between the cost of a new house and the amount a two-earner household can borrow in order to buy it.
Why it matters: Homebuyers are facing a double whammy of higher prices and higher mortgage rates, which reduce the amount of money they can borrow to buy a house.
