00:00So here's the problem. Home affordability has now reached the lowest level in almost 40 years
00:05since about 1984. Fortune magazine compares affordability to being worse than the peak of
00:10the 2006 housing crisis. According to the HOAM or Home Index, which looks at affordability,
00:16you can see the higher the chart goes, the more affordable homes are. And the lower it is like
00:20we are right now, the less affordable. So nationwide, it shows us that we're at the
00:24least affordable point since at least 2008. And depending on where you're trying to buy a home,
00:30if, for example, you're in major cities like Honolulu, San Jose, LA, or San Francisco,
00:35home prices are now roughly 11 times the median family income. So unless you're making multiple
00:40six figures a year, buying a house is probably going to be out of reach.
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