Homeownership Dream Slipping Away: Income Needed for Typical Home Surges
Update: 2025-12-17
Description
A recent study reveals a staggering increase in the income needed to afford a typical home in the US, now over $150,000 annually, up from $65,000 before the pandemic. This surge is due to soaring home prices and mortgage rates, which have more than doubled since early 2020. The widening affordability gap is impacting family planning and financial stability, with many Americans priced out of the housing market. The median home price is now $395,000, requiring a $150,000 income for a 10% down payment and 7.2% mortgage rate. This trend underscores the urgent need for new strategies to tackle the nations housing affordability crisis.
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