"The Decline of Housing Affordability: The Six-Figure Salary Requirement Across the US"
TL;DR
Two recent studies suggest that prospective homeowners in much of the U.S. will need to earn more than $100,000 annually to afford a typical home, marking a significant increase from just four years ago. Factors such as fewer homes on the market, high mortgage rates, and soaring housing prices have outpaced wage gains, making it challenging for many to enter the housing market. The national median household income is around $74,500, but in 22 states and Washington, D.C., aspiring homeowners should earn at least $100,000 per year to afford a typical home, with some major metro areas requiring incomes exceeding $200,000.
- Affording a U.S. house takes more than $100,000 in income, studies show NPR
- Here is how much household income you’ll need to afford the median-priced home in every US state CNN
- How It Started... How It's Going: Homes have become less affordable since Biden took office Fox Business
- Americans Need A Six-figure Salary To Afford A Typical Home In Nearly Half Of U.S. States Bankrate.com
- Housing 'affordability has just totally collapsed,' economist says CNBC
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