00:00Making ends meet is getting tougher and tougher for Americans, especially those who have a mortgage.
00:05The Census Bureau reports the median cost for a homeowner is now more than $2,000 per month,
00:11with insurance premiums and HOA fees also on the rise.
00:16The numbers show monthly housing costs are at their highest level in decades,
00:21with the median monthly bill now at $2,035, up from $1,960 in 2023.
00:28Several factors impact the affordability crunch, including high mortgage rates and a low inventory of homes for sale.
00:36Freddie Mac reports the average for a 30-year fixed-rate mortgage this week is 6.5 percent.
00:42The Washington Post reports that incomes have not risen to match the increasing cost of housing,
00:48with median income at about the same level it was six years ago in 2019.
00:53Renters are also feeling the pinch.
00:55Median rent prices rose by 2.7 percent from 2023 to 2024,
01:01with rent costs often taking up more than 30 percent of a tenant's income.
01:06The highest housing costs are in California, Hawaii, New Jersey, Massachusetts, and Washington, D.C.
01:12Add to all that the bite that inflation is taking out of family budgets.
01:16The Bureau of Labor Statistics came out with fresh inflation numbers on Thursday,
01:21showing that the Consumer Price Index increased by 0.4 percent to 2.9 percent in August,
01:28up slightly from July.
01:30It is the highest inflation rate since January.
01:33All eyes will be on the Federal Reserve next week,
01:35when the board meets, and will possibly cut interest rates.
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