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House buying become more expensive for Americans

Home buying is becoming more expensive for Americans
Posted at 7:50 AM, Oct 06, 2021
and last updated 2021-10-06 08:52:37-04

ATLANTA, Georgia  — Rising home prices are making “The Great American Dream” more unaffordable across the nation.

A new analysis by the Federal Reserve Bank of Atlanta finds that households need to spend nearly one-third of their median incomes each year just to pay for the mortgage for their homes.

That payment is about $1,800 per month.

Just a year ago, that cost was about $1,500 per month.

Experts say the current cost is similar to what we saw in 2008 during the recession at that time.