According to a Bankrate report, home prices have surged dramatically since 2020, causing the average household income required to purchase a home at national median prices to rise by 49.5%. This change impacts the majority of states, with two-thirds seeing an increase in income needed by over 50%. Utah leads with an astounding 89% hike. Meanwhile, some states like Ohio, Alabama, and Missouri continue to offer more affordable home buying options. The report also provides strategies for potential buyers to improve their chances of homeownership despite rising prices.
Buying a home has become significantly more challenging post-pandemic, with required household income for ownership skyrocketing by 49.5% since 2020, according to Bankrate.
While the average income needed to buy a median-priced home in the U.S. has risen sharply, states like Ohio, Alabama, and Missouri remain more affordable.
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