The housing market isn’t just bad… it is 2008 bad. That is because the money you need to spend to buy a median-priced house is at its worse since 2008.
Yes, home prices are expensive… but there’s more. Mortgage interest rates hit their highest level in seven years. In just one year, the national average 30-year fixed rate went from 3.8% to over 4.4%. Not only will you be paying more for the property, you will be paying more for the ability to buy the property.
No, you don’t make enough… because wages are rising, but not enough to make housing more affordable. However, many people will not be stopped by high prices and interest rates because they just want a place to call home (and they don’t crunch the numbers like us finance geeks). You should view your home as an investment and only invest if the numbers make sense – but for now, let someone else get ripped off.