Two charts show how far homeownership is slipping out of reach as mortgage rates skyrocket

Housing experts say high mortgage rates are adding to housing affordability challenges.

The Good Brigade/Getty Images Higher mortgage rates are making it tougher for people to move or achieve homeownership.

The Atlanta Fed examines the income required for homeownership to cost no more than 30% of income.

The analysis showed that's now well above the actual median household income.

A few years ago, Americans were able to check off their goal of becoming homeowners thanks to historically low mortgage rates.

It's harder to achieve that dream these days.

The average 30-year fixed rate was at 7.4% for the week ending October 8, making it challenging for both newcomers and homeowners looking to move.

Home prices, utilities, and other homeownership-related costs have increased.

A CNBC/SurveyMonkey quarterly survey found that about a third of renters want to own a home but don't think that will ever be possible due to affordability.

Multiple factors are making it tough to purchase a place.

Do you think you'll never be able to buy a home? Do you want to sell your home, but can't because you are locked into a low mortgage rate? Reach out to this reporter to share your housing situation at [email protected] .

The Federal Reserve Bank of Atlanta tracks the household income required for homeownership.

The bank defines "qualified income" to be no more than 30% of income spent on costs, including principal and interest payments, property taxes, property insurance, a 10% down payment, and private mortgage insurance.

That qualified income — what you need to actually afford a home without breaking the bank — darted away from actual median income in 2021 and remains elevated, at about 1.5 times the actual median income as of July.