Since 2020, housing costs in the US have surged by 53% due to limited supply, heightened demand, and rising borrowing costs, leading to a crisis in affordability.
The median home price has reached 4.9 times the median household income, escalating from a price-to-income ratio of 3.1 in 1990, severely impacting affordability.
Experts recommend housing expenses should not exceed 30% of pre-tax income, but from 2019 to 2022, three million more Americans are exceeding this limit due to high costs.
The median listing price for a home in the U.S. was $424,950 as of October 2024, requiring careful financial planning and substantial income to comfortably afford.
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