Decline in Americans' Home Buying Ability Despite Slowing Price Growth
The ability to buy homes in the United States declined in June, despite a slowdown in the pace of rising property prices. It has become more difficult for families to secure the necessary financing, with the average home price rising to $446.4 thousand and the average mortgage interest rate climbing to 6.57%. As a result, the income needed to qualify for a loan increased to $109,152, continuing an upward trend since January. Although affordability was slightly better in June compared to the same month in 2025, the rising home prices and mortgage rates still pose obstacles to purchasing. It is expected that affordability will improve after the summer buying season, especially if interest rates return to early-year levels, amid regional differences in homeownership capacity across various parts of the United States.
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