In Q3 2024, the average U.S. home sales price was $501,100, with a 30-year mortgage interest rate of 6.81%. Housing costs vary significantly across states, with the highest ratios of home price to income found in California, New York, and Hawaii. Affording a home is challenging, especially for first-time buyers, but strategic planning, such as obtaining mortgage pre-approval and understanding market trends, can help. While timing the market is difficult, being financially prepared is crucial for potential buyers.
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