The affordability index of housing in the United States has deteriorated, with median monthly housing payments accounting for 34% of household income

On August 21st, the US housing affordability index deteriorated for the first time in nearly three years, with rising borrowing costs leading to increased monthly payment pressure for new homebuyers. According to data released by the National Association of Home Builders (NAHB) and Wells Fargo on Thursday, the monthly payment for a median priced $410700 home in the second quarter of this year accounted for 34% of typical household income, up from 32% in the first quarter.