According to ATTOM’s recently released Q1 2023 U.S. Home Affordability Report, the mixed picture facing home buyers – prices remaining a financial stretch but getting a bit more affordable – reflects a softening of the U.S. housing market combined with rising wages, at a time when home-mortgage rates have stabilized following a year of increases.
ATTOM’s latest home affordability report found that the nationwide median single-family home and condo price was up less than 1 percent from Q4 2022 to Q1 2023 – sitting at $320,000 – while three quarters of local markets continue to see prices slip this year.
The report noted those trends have followed an 8 percent decrease in the nationwide median during the second half of 2022. According to the report, the drop-off has come as rising interest rates, high consumer-price inflation and stock market declines have cut into what home seekers can afford or the resources they have for down payments.
ATTOM’s Q1 2023 affordability report stated that weekly annualized wage appreciation outpaced annual home-price changes in Q1 2023 in 76 percent of U.S. counties analyzed. Also according to the report, at the same time, wages rose 6 percent nationwide over the last year, with increases continuing into the second half of 2022 throughout most of country.
The latest report noted that home-price changes outpaced wage appreciation in the first quarter of last year, when prices were growing faster than wages in 87 percent of the same counties.
According to the report, the current group of counties where wage gains are outpacing price changes include Los Angeles County, CA; Cook County, (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ, and San Diego County, CA.
In this post, we dive into the data behind the latest ATTOM home affordability report to reveal the complete list of the top 10 largest counties where wages are rising faster than prices. Those counties rounding out the top 10 include: Orange County, CA; Miami-Dade County, FL; Dallas County, TX; Riverside County, CA; and Queens County, NY.
ATTOM’s first-quarter affordability report found that year-over-year price gains surpassed average annualized wage growth in Q1 2023 in just 24 percent of U.S. counties analyzed. The report noted the latest group where prices are going up faster than wages include Kings County (Brooklyn), NY; Franklin County (Columbus), OH; Collin County (Plano), TX; St. Louis County, MO, and Westchester County, NY (outside New York City).
Also in this post, we dive into the data behind the latest ATTOM home affordability report to reveal the complete list of the top 10 largest counties where prices are rising faster than wages. Those counties rounding out the top 10 include: Erie County, NY; Hartford County, CT; New Haven County, CT; Middlesex County, NJ; and Essex County, NJ.
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