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Middle-class buyers are increasingly springing for homes they can barely afford (www.nbcnews.com)

submitted 1 month ago by [email protected] to c/[email protected]

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One in 4 middle-income new homeowners — twice as many as a decade before — are buying into cost-burdened situations.

The share of middle-class Americans who are buying wallet-squeezing homes has more than doubled in the previous 10 years.

Almost 30% of middle-class homeowners bought homes with monthly payments costing more than 30% of their income in 2022, an NBC News analysis of Census Bureau data found. That’s more than twice the share from 2013, with experts warning it leaves many households with less money for groceries and emergencies and less able to get ahead in the future.

That “cost-burdened” benchmark — in which a household devotes over 30% of income to housing costs — is a widely used measure of affordability for both homeownership and renting. The Census Bureau measures housing costs against it, and the Department of Housing and Urban Development has used it for decades.

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[–] [email protected] 15 points 1 month ago (3 children)

So a re-run of 2006-2007, but this time around there wasn't even an actual boom preceeding this.

[–] [email protected] 6 points 1 month ago (2 children)

I’m in the US. House values in my neighborhood have doubled since 2017 (7 years). Things are the same where the rest of my family lives, 11 states away. Are we not in a boom?

[–] [email protected] 8 points 1 month ago

No this is another housing bubble, similar to what happened back in 2010. My house is now worth more than double what I paid for it, which is more than it was at the peak of the housing bubble right before it crashed back in 2010.

But biggest difference this time around is the bubble has been intentionally accelerated by a handful of investment firms that have been buying up all the houses across the US for the past decade.

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