Fewer Atlanta Area Residents with Moderate Incomes Buying Homes
Recent data from the Consumer Financial Protection Bureau indicates that fewer Americans with low to moderate incomes are obtaining mortgages to buy homes in the Atlanta area and around the country. Rising home prices, fueled by the healthy economy in many parts of the country, disproportionally affect home buyers with low to moderate incomes. Borrowers with low to moderate incomes made up only 26 percent of home buyers in 2017, down from 36 percent of all home buyers in 2009. Rising home mortgage interest rates continue to exacerbate the problem as well by increasing the costs of buying a new home, forcing even more home buyers out of the market for new homes.
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