Housing affordability has significantly declined as home prices and mortgage rates have surged.
The average salary required for a median-priced home in the US has jumped 45.5% since 2020.
A $100,000 annual income is now needed in almost half of US states to afford a median-priced home.
This means that across the board, the salary needed to afford a home has risen.
According to a Bankrate analysis, the average salary required to be able to afford a median-priced home in the US has jumped by 45.5% since 2020, from $76,191 to $110,871.
Organizations:
US, Business