Since the COVID-19 pandemic, home prices surged by nearly 38%, exacerbated by high mortgage rates, making homeownership unaffordable for many Americans.
In the U.S., the median home price rose to $437,450 by July 2024, a significant increase from pre-pandemic levels, stressing housing affordability.
Homeownership affordability increasingly depends on income levels; studies show it takes over $100,000 annually to afford a typical U.S. home comfortably.
In May 2023, U.S. median annual wages were just $48,060, far below the income needed to afford the typical American home price.
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