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.