The median price of a single-family home in the U.S. reached $357,900 in the second quarter of 2021, marking a record 23% increase, according to a report by the U.S. Association of Realtors. Ninety-four percent of the metropolitan areas analyzed in the study recorded double-digit increases.

This housing price boom has been driven by falling real estate interest rates and high market liquidity. However, lower mortgage rates have not been enough to offset the increase in prices. Among first-time homebuyers, the monthly dividend for purchases with a 10% footing has risen from 21% of their income a year ago to 25% in the second quarter of 2021.