Consumer

4-million Americans out reach of owning a home

June 23, 2022 4:19 AM

Published June 23, 2022 9:14 AM

YUMA, Ariz. (KYMA, KECY-TV/ CNN) -The American dream is out of reach for millions of Americans.

That's according to Harvard University's annual state of the nation's housing report released on Wednesday.

The report found the income needed to qualify for a home has priced out about four million renters over the past year alone.

The annual income needed to get a mortgage was 28 thousand dollars higher in April versus the same time last year.

That's in part due to monthly payments for mortgage, property tax, and insurance also increasing this year.

And experts say the record run-up in home prices and rising interest rates are making the situation even worse.

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Melissa Zaremba joined KYMA in November 2021 and is the Chief Weather Forecaster.

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