Posted 1/12/2024, 2:24:00 PM
Home Prices Outpace Wages in 57 Counties, Pushing Homeownership Out of Reach for Many
- Home prices have skyrocketed in recent years while wages haven't kept pace, making homeownership unaffordable in 57 U.S. counties
- New to the unaffordable list are exurbs of San Francisco and Sacramento where prices are spiking as buyers get priced out of core Bay Area
- Along West Coast, 10 Oregon and Washington counties now see home prices rising faster than incomes
- In Texas, home prices in Travis County/Austin rose 50% since 2021 to $610,000 median
- Interest rates are seen declining in 2023 but will remain much higher than two years ago, which discourages people from selling homes