Housing Costs Jump Again as Midterms Near, Keeping Buyers Strapped

Ahead of the midterm elections, US housing costs stay stubbornly high as Freddie Mac reports 30-year mortgage rates climbing to 6.95%—the highest since January 2025—after the Fed’s rate hike and with the 10-year Treasury yield near its peaks. Builder confidence is at a multi-year low, mortgage applications are weak, and higher building-material costs compound the problem. About 49% of US metro areas now require roughly $100,000 in annual income to qualify for a mortgage on a median-priced home (with a 10% down payment), up from 6% in 2019, underscoring widening affordability gaps even as real median household income in 2025 stood around $87,460. The housing crunch could influence voters as consumer sentiment deteriorates and policymakers grapple with the affordability squeeze.