Mortgage Payments Outpaced Income Growth in 50 Cities
The calculations were done using the median single-family home price in Q2 of each year, assuming a 20% down payment and using the 30-year fixed rate from the first week of May of each year analyzed, according to Freddie Mac. The average 30-year fixed rate in the first week of May 2014 was 4.29% and the average 30-year fixed rate in the first week of May 2024 was 7.22%.Annual average incomes were sourced from the U.S. Bureau of Labor Statistics.