Housing affordability slips

The affordability of housing has declined in the past year as housing prices and interest rates climb, data show. The U.S. average monthly mortgage payment on a median-priced home reached 16% of median income in August, compared with 13.3% a year earlier, according to the National Association of Realtors. However, that percentage is still lower than at any time between 1989 and late 2008. Separately, Trulia data show that many U.S. metro areas have fewer homes considered affordable for middle-class buyers.

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