Making America Unaffordable Again
Since bottoming out in the first quarter of 2012, U.S. median home prices have risen 69 percent while average weekly wages have risen just 9 percent during the same time period, pushing more and more local housing markets into a home affordability crunch — and not just those expensive politically “blue” markets on the coasts.
In the first quarter of 2017, median home prices in 45 percent of 464 counties analyzed in the ATTOM Data Solutions Home Affordability Index were less affordable than their historic norms, the highest share of markets since Q4 2009. While that 45 percent certainly included many of the usual blue state suspects such as Marin County, California, in the San Francisco metro area and Brooklyn, New York, it also included many red state counties that are relative newcomers to the affordability crunch. Places like Collin County, Texas, in the Dallas metro area and Williamson County, Tennessee in the Nashville metro area.
The info graphic below demonstrates how the home affordability crunch is taking a bipartisan bite out of both counties that voted for Hillary Clinton and counties that voted for Donald Trump in the 2016 presidential election.
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