The latest housing market data continues to show that for some would-be homebuyers, the Triangle’s real estate market continues to feel out of reach due to rising prices and rising mortgage interest rates decreasing home affordability.
FRANK DANIELS, THE 3RD SAYS HIS FATHER PASSED AWAY PEACEFULLY IN HIS SLEEP. >> IT HAS NEVER BEEN LESS AFFORDABLE TO BUY A HOME IN WAKE COUNTY. THAT’S ACCORDING TO A NEW REPORT. MANY OF YOU FIRST READ ABOUT ON WRAL TECH WIRE. MATT TALHELM HAS TALKED WITH THE RESEARCHERS BEHIND THE REPORT AND TELLS US WHY AFFORDABILITY IS AT A RECORD LOW. AFFORDABILITY IS PLUNGING AS MORTGAGE RATES AND HOME PRICES RISE. >> A NEW REPORT FROM ADAM DATA SHOWS WAKE COUNTY IS CLOSING UP THE LEAST AFFORDABLE QUARTER FOR BUYERS SINCE THEY STARTED TRACKING AFFORDABILITY IN 2005 ADAM DATA SAYS MONTHLY PAYMENTS HAVE GONE UP 40 TO 50% IN THE LAST YEAR. SO THE BY A MEDIAN PRICED HOME RIGHT NOW IN WAKE COUNTY, IT $450,500 WITHOUT BREAKING THE BANK. YOU HAVE TO MAKE NEARLY $94,000 A YEAR, RICK SHARGA AS WITH ADAM DATA, THE COMBINATION OF RISING HOME PRICES AND RISING INTEREST RATES. >> MAKES YOUR MONTHLY MORTGAGE PAYMENT SOMEWHERE BETWEEN 40 AND 50% HIGHER THAN IT WAS LAST YEAR. AND MOST OF US DIDN’T GET A 40 OR 50% RAISE IN THE LAST YEAR. >> AND IT’S NOT JUST HERE IN WAKE COUNTY, ADAM DATA FOUND THAT THE AVERAGE WAGE EARNER IN JOHNSTON, DURHAM AND ORANGE COUNTIES WOULD NOT BE ABLE TO AFFORD A MEDIAN PRICED HOME THERE EITHER. MATT TALHELM, WRAL NEWS, RALEIGH NOW TO GIVE YOU AN IDEA OF HOW MUCH HIGHER MONTHLY PAYMENTS ARE AS MORTGAGES RISE $320,000 LOAN, THE MONTHLY PAYMENT ONE YEAR AGO WITH A RATE JUST UNDER 3% WAS ABOUT $1700 AT TODAY’S 6% RATE. THAT PAYMENT FOR THAT SAME
