Studies show Americans need six-figure income to afford homes

Episode Transcript

Speaker 1 (00:00):
Low pay and high rates have made it unaffordable, especially
for first timers.

Speaker 2 (00:04):
Back in twenty nineteen, first time buyers made up thirty
three percent of all home purchases, compared now to this
year twenty four percent.

Speaker 1 (00:13):
KTRH moneyman Pat Shin says that six figure number is
double from five years ago, and Houston home prices are
up forty percent since last year, and adding supply won't help.

Speaker 2 (00:23):
Housing affordability is not going to come down until we
get lower mortgage rates.

Speaker 1 (00:28):
He says. The rates won't come down though, until the
economy returns to normal. Andre Parard News Radio seven forty
KTRH