US median homes require over $120,000 income as affordability hits record low

U.S. homes are now the least affordable on record, according to the Federal Reserve Bank of Atlanta.

Buyers now need an income over $120,000 to afford a median-priced home, which exceeds what a typical household earns.

The 30-year mortgage rate reached 7.24% in mid-September.

Homebuyers seeking median-priced properties face required earnings above typical household levels alongside 30-year mortgage rates of 7.24%.