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Housing costs hit an all-time high of $2,775 per month.
That’s almost DOUBLE since the pandemic.
No wonder so many Americans are trying to earn more income in 2024.
$2,775 per month is roughly HALF the median US income.
In fact, it’s greater than the total family income for a third of American families.
According to a new survey from Redfin…
40% of American renters have given up on EVER owning a home.
That’s up by half since two years ago.
The survey also revealed that the average rate for a 30-year mortgage just hit 7.4%.
It is just shy of the 43-year record we hit last year of 7.79%.
Of course, house prices have continued to rise since then – along with inflation.
As a result, Americans now need an annual income of $110,871 just to qualify for the median home, according to Bankrate.
That’s up over $30,000 since the pandemic began.
The hope had been that the Fed would begin cutting rates this year.
But with Powell signaling that the Fed is in no rush to do so…
Those hopes are now quickly evaporating.
In fact, the odds went from 7 cuts in 2024…
To then 2 cuts…
To now floating the possibility that the Fed’s next move is rate HIKES.
So 8% mortgages are now a possibility.
Many Americans are being locked out of the middle class.
And there’s no relief in sight UNLESS you have strategies that could make you a lot of income in any market environment.
Yours in Wealth,
Ian Wyatt