Posted 4/3/2024, 1:43:00 PM
Home Ownership Slipping Out of Reach for More Americans as Prices Rise Faster Than Wages
- Buyers need 6-figure incomes to afford homes in nearly half of US states; situation not expected to improve soon
- Home prices steady, not expected to fall; low housing inventory persists
- Mortgage rates hit 6.79% and not dropping as quickly as predicted
- Americans need $110K+ income to afford $402K home in 22 states, up 46% since 2020
- Gap widening between incomes rising 5.5% and starter home costs jumping 8.2% year-over-year
