U.S. Home Prices Surge Past Seven Times Household Income as 30-Year Mortgage Rates Cross 7%

The average American home now costs more than seven times the average household's income, reaching a historic peak that surpasses even the levels seen during the housing bubble.
Adding to affordability pressures, the average 30-year mortgage rate rose above 7% for the first time in 15 months. This compounding effect means buyers face both escalating home prices and significantly higher borrowing costs.