The annual earnings required to afford a median-priced home in the United States have risen significantly, increasing by 46% between January 2020 and January 2024, according to a report by Bankrate.
Key points from the report include:

– Nearly half of the 50 states now require a six-figure salary to afford a median-priced home.
– President Biden’s administration acknowledges that housing costs are still too high for many potential homeowners.
– States in the West and Northeast require the highest annual incomes to purchase a typical home in 2024, with California, Hawaii, and D.C. leading the list.
– Despite a 4.3% increase in wages in February, rising home prices continue to outpace what many Americans can afford.

You can read this full article at: https://papersourceonline.com/homes-have-become-less-affordable-since-biden-took-office/(subscription required)

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