Posted 12/9/2023, 5:44:43 PM
Home Ownership Increasingly Out of Reach for Many Americans as Prices Soar While Wages Lag
- Average US home prices have skyrocketed to over $400k, requiring a $114k+ salary to afford
- Mortgage rates remain high despite recent dips, with average monthly payments at record $2,866
- Incomes failing to keep pace - real wages down 2% as home prices rose 10% over past year
- First-time homebuyers hit hardest, now only 27% of sales versus typical 40% share
- Top 10 hottest markets require $200k+ salary to buy a typical home