Wages have always been a significant indicator of the housing market. Not only does it affect a person’s personal decision to own a home, but a wage trend across industries can affect the entire housing market.
But, with today’s wages, is it safe to buy or own a house with a monthly mortgage?
The rise in American salaries is the only significant, beneficial factor in the affordability equation. According to the Bureau of Labor Statistics (BLS), wages have increased over time. This year is no different.
According to the Bureau of Labor Statistics (BLS):
“The U.S. Bureau of Labor Statistics reported that the median weekly earnings of the nation’s 120.2 million full-time wage and salary employees were $1,070 in the third quarter of 2022 (not seasonally adjusted).
This was 6.9 percent more than the previous year.
Therefore, remember that the complete picture encompasses more than simply mortgage rates when considering affordability. Additionally, earnings and home prices must be considered. Wages have been increasing, which is a significant factor in why serious purchasers are still buying houses this year.
Contact a dependable adviser who can explain how these factors interact and what’s occurring in your region if you have any questions or want to learn more. According to National Association of Realtors (NAR) President Leslie Rouda Smith:
“Buying or selling a property includes several conditions and factors, so having someone on your side from beginning to end can help make the process go as smoothly as possible… and objectivity to provide clients with reliable knowledge in every ZIP code in the United States.”
To sum up
If you want to understand more, speak with a reputable real estate agent and a nearby lender so you can decide if you wish to purchase or sell a property right now.