Housing Today Is Nearly As Unaffordable As It Was In 1981 When Mortgage Rates Hit 18%

The American Dream just got a lot more expensive for first-time homebuyers.

To afford a starter home, typical first-time buyers need to earn 13% more this year than they did last year, according to a new Redfin report. In super-hot markets like Miami and Fort Lauderdale, that threshold is up 25%.

There are three reasons for this.

This post appeared at ValueWalk.com.