The cost of buying a home in the United States has hit the highest level in more than a decade, with the median-priced U.S. home requiring an annual income of $114,627, according to Redfin. This marks an increase of 15% from one year ago and a jump of more than 50% since the start of the pandemic in early 2022, showing the ever-growing impact of COVID-19 on the nation’s housing market.
A buyer must invest a significant amount to afford the median-priced home. As such, Redfin suggests addressing issues such as extremely low housing inventory, soaring prices, and persistent demand from buyers to make homeownership more accessible for many. Government support, including more incentives, expanded financing, lower loan-to-value products and reduced interest rates, has helped to attract many, first-time homebuyers. Securing affortable housing for all remains the challenge.
Main Points to Consider:
• Median-priced U.S. home requiring an annual income of $114,627
• 15% increase from one year ago
• More than 50% jump since the start of the pandemic
• Issues such as incredibly low housing inventory, soaring prices, and persistent demand
• Government support such as incentives, expanded financing, lower loan-to-value products, and reduced interest rates
• Securing affordable housing for all remains the challenge
You can read this full article at: https://www.housingwire.com/articles/in-this-brutal-housing-market-youll-need-to-make-115k-to-buy-the-typical-us-home/(subscription required)
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