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Unfortunately, wages arent growing quickly enough to keep up with home price increases.
In June 2020, the average full-time worker earned $1,008 weekly.
Todays full-time employees earn an average of $1,151 weekly a rise of 14.2%.
High interest rates arent helping, either.
Current interest rates for a 30-year mortgage average 6.49%, compared with 2.99% in July 2020.
That drives up monthly mortgage payments even further, making borrowing much more expensive.
However, the housing market isnt all bad news for homebuyers.
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