US Home Prices Outpaced Income Growth in 2018

Real Estate

Home prices in 2018 climbed 4.5%, while incomes grew 3.2%, according to CoreLogic real estate figures and government wage data released Friday.

The gap suggests that affordability is worsening. Still, this gap appears to be narrowing relative in much of the country as gains in average hourly earnings have risen as the unemployment rate has fallen. Meanwhile, a slowdown in homebuying since 2018 has limited price gains in real estate and improved affordability.

Across the country, there are significant variations in this trend as some markets are seeing affordability worsen and others have seen it stabilize after rapid growth.

Click here for more information: https://www.usnews.com/news/business/articles/2019-06-07/us-home-prices-outpaced-income-growth-in-2018