The housing market in the United States has been significantly impacted by inflationary pressures, with home buyers facing challenges due to soaring costs and stagnant wages. Highlights from the report by Zillow include:

– Home buyers in 2024 now require 80% more income to purchase a home compared to 2020
– The monthly mortgage payment for a typical U.S. home has nearly doubled since January 2020, reaching $2,188
– Home values have increased by over 42% in the last four years, with the median home price nationwide at approximately $343,000

The analysis, which utilized data from the American Community Survey, Moody’s Analytics, and the Bureau of Labor Statistics, underscores the growing financial barriers to homeownership in today’s housing market.

You can read this full article at: https://papersourceonline.com/home-buyers-need-80-more-income-to-buy-than-4-years-ago/(subscription required)

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