May 4, 2025 - 13:30
The national household income needed to afford a house surged by nearly $47,000 since six years ago, highlighting the growing challenges faced by potential homebuyers. As housing prices continue to escalate, buyers now need to earn approximately 70% more than they did in 2017 to secure a home.
This dramatic increase is largely attributed to a combination of rising property values and limited housing supply. Many regions are experiencing a significant imbalance between demand and availability, driving prices even higher. The situation has become particularly daunting for first-time buyers who often struggle to save for down payments while navigating a competitive market.
Experts suggest that prospective homeowners may need to explore alternative options, such as considering homes in less expensive areas or seeking assistance programs designed to help with affordability. As the market evolves, the dream of homeownership is becoming increasingly elusive for many, prompting discussions about the need for policy changes to address these challenges.
