Posted 1/18/2024, 1:02:00 PM
Homeownership Slips Out of Reach for High Earners in Many U.S. Cities Due to Spiking Prices
- Even high income earners can't afford homes in major cities like Boston, Denver, LA due to soaring prices
- In 2001, top 30% income earners could buy homes in major cities by age 24, now they can't buy at any age
- It takes higher earners at least 20 more years to buy homes in cities like Austin, Portland, Salt Lake City now vs 2001
- Interest rates and home prices have risen sharply since 2020, making homes much less affordable
- Some metro areas like Chicago, Columbus, Houston remain comparably affordable to 2001 levels