U.S. housing affordability remained at a record low in July as high mortgage rates and prices kept home ownership out of reach for many Americans.
The National Association of Realtors housing affordability index was unchanged at 87.8 in July, matching the lowest level in data back to 1989. A level of 100 means a family with the median income has enough income to qualify for a mortgage at the median home price.
The typical family spent 28.5% of their income on the principal and interest of their mortgage payment each month, also matching an all-time high, according to the report released Friday.
Qualifying income for a mortgage, based on a 20% down payment, was a record $104,496 in July.
“Higher mortgage rates continued to harm affordability despite modestly lower median home prices,” Lawrence Yun, NAR’s chief economist, said in an email.
Fran Drescher reelected SAG-AFTRA president
Fran Drescher was easily reelected as president of SAG-AFTRA on Friday, a strong show of support as the actors union continues its nearly two-month-old strike against major Hollywood studios.
Drescher — who has been SAG-AFTRA president since 2021 — received 81% of the votes cast, SAG-AFTRA said. Her opponent, Maya Gilbert-Dunbar, received 19%.
Joely Fisher was reelected secretary treasurer with 70% of the votes, defeating challenger Peter Antico.
“I am honored to serve my union as president for another term,” Drescher said after the vote Friday night. “These are dynamic times, and as one member body, we will weather the storms, stand on our principles and make sure our major contributions to this collaborative art form shall never again be diminished but rather be exalted.”