According to ATTOM Data Solutions’ fourth-quarter 2024 U.S. Home Affordability Report, median homeownership costs in 556 of 566 analyzed counties were less affordable than their historical average. After years of rising prices and elevated mortgage rates, that should come as no surprise. It also shouldn’t be surprising that the number of counties that are more expensive than they’ve been historically was virtually unchanged in the fourth quarter from the previous quarter, or even the previous year. Market conditions have been relatively steady for a while now. Rob Barber, ATTOM’s CEO, says it presents a challenge for home buyers. “The U.S. housing market continues to generate great profits for most home sellers but also more and more financial stress for would-be buyers,” Barber said. “Despite recent declines in mortgage rates, down payments on typical home purchases have reached four times the average national wage.” Still, there are areas where major expenses on a median-priced home are affordable, including counties in Chicago, Houston, Detroit, Philadelphia, and Cleveland.
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