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According to the National Association of REALTORS®, over the past year or so, the housing market has been one of the most unaffordable in history. This determination is based on a combination of factors, including home prices and incomes. Specifically, a home is considered “unaffordable” if it costs more than 28% of a household’s annual income.
Of course, real estate is always local, so there are various pockets across America where homes are more unaffordable than others.
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