Median U.S. home price exceeds $400K for 1st time, report finds

A "for sale by owner" sign stands outside a home. (Daniel Acker/Bloomberg via Getty Images) WASHINGTON - Potential buyers looking to purchase an affordable home may face bigger obstacles based on the latest quarterly report from the National Association of Realtors (NAR).Data from the report finds that the median cost of a single-family existing home jumped 14.2% year-over-year to $413,000 in the second quarter of 2022.

Median prices for a home surpassed $400,000 for the first time on record since the NAR began tracking housing data. RELATED: Here are the 10 most expensive US cities for renters in 2022Housing affordability dropped substantially in the second quarter based on high mortgage rates and expensive home prices.

The NAR says that a monthly mortgage payment on a single-family home with a 20% down payment soared to $1,841 with families spending nearly 25% of their income on mortgage payments.According to the NAR, first-time homebuyers spent nearly 40% of their family income on mortgage payments in the second quarter, a staggering increase from 28.7% in the previous quarterThe most expensive housing markets (Credit :FOX) RELATED: This is how much you need to make per hour to afford housing in your state, study findsMortgages are deemed expensive if the monthly payment, including principal and interest, is more than 25% of the family’s income, the NAR explains.In 53 housing markets, a family would need at least $100,000 to afford a 10% down payment for a mortgage, nearly double compared to 27 housing markets from the previous quarter.RELATED: This is how much money you need to make per hour to afford rent in NYC"Home prices have increased at a pace that far exceeds wage gains, especially for low- and middle-income.