Prices of homes likely to be bought by midlevel executives have climbed significantly this year. This increase has combined with the rise in interest rates to make such housing much less affordable in many parts of the country, according to a study by Ernst & Young.

"Last year, four-bedroom homes could be purchased in half of the 70 markets surveyed for 25% of local median income or less," Ernst & Young said. "This year, with higher interest rates and rising home prices, the number of such markets dropped to one-third."

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