Home-Buying Dreams Dashed for Typical US Family Since 2020
- Most households can’t afford to buy a home in 2024 market
- Affordability plunges as prices and borrowing costs surge
This article is for subscribers only.
The income needed to comfortably afford a home in the US has leapt 80% since 2020, far exceeding a 23% increase in median income over the same period, according to a post on Thursday by Zillow.
The real estate website found home buyers today need to make more than $106,000 a year, up $47,000 from 2020, a change driven largely by higher prices and borrowing costs.