Income to buy a median-priced home nearly doubles since 2020
TL;DR
A Harvard housing study finds that the income required to afford a median-priced home has surged to about $120,000, more than double the 2020 level, as median prices exceed $400,000 and mortgage rates stay above 6%. The result is weakened demand, rising existing-home prices (up roughly 54% since 2020) relative to income, and a broader affordability squeeze that has kept home sales near multi-decade lows despite shifts in construction and rental trends.
- Income required to afford a median-priced home has almost doubled since 2020, report finds New York Post
- Income needed to afford a median-priced home has nearly doubled since 2020, report finds Fox Business
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- The Great American Housing Shortage Is Finally Forcing a Search for Solutions WSJ
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