Home affordability plummets under Biden; nearly half of states now require six-figure incomes

Home affordability has declined since Biden took office; now nearly half of states require a 6-figure income to afford a median-priced home.

The number of states requiring 6-figure incomes jumped from 6 in 2020 to 23 in 2024. States with the biggest jumps are MT, UT, TN, SC, and AZ.

The 5 states needing the highest incomes are CA, HI, DC, MA, and WA. The 5 needing the lowest are MS, OH, AR, IN, and KY.

Factors decreasing affordability include fast home price growth outpacing wages and constrained supply amid high buyer demand.

Biden has proposed measures to try to improve affordability, like mortgage tax credits and building 2 million new homes, as 2024 election nears.