The Cities in Alabama Hit Hardest by the Housing Affordability Crisis

Since the onset of the pandemic, U.S. home prices have skyrocketed nearly 38%, leading to a housing affordability crisis as incomes largely remain stagnant.

With median home prices hitting $437,450 and average mortgage rates above 6%, potential homebuyers face unprecedented challenges in achieving homeownership.

Recent studies indicate that to afford a typical home, an income exceeding $100,000 is needed, far exceeding the median U.S. worker's earnings of $48,060.

The average cost of a typical home is now about 9.1 times the average annual earnings of U.S. workers, highlighting the widening affordability gap.

Read at 24/7 Wall St.