Housing affordability plunges in majority of markets, Attom says

Deteriorating wage growth and rising home prices bringing some major markets to low affordability levels
  • A new home affordability report shows 24 percent of markets are less affordable than their historical averages, up from 22 percent last quarter and 19 percent one year ago.
  • Wage growth changed its course, from 13 consecutive quarterly rises to a 0.1 percent drop this time around.
  • Some of the least affordable markets compared to their historical averages include New York City, Houston and San Francisco.

Unfortunately for first-time buyers, housing affordability is worsening across many major real estate markets, according to a new report.