Since the start of the COVID-19 pandemic, home prices in the U.S. have surged nearly 38%, making homeownership prohibitively expensive for large segments of the population.
According to data from Realtor.com, the median list price for a single-family home was $437,450 in July 2024, up approximately $118,500 since the pandemic began.
It would take an annual income of over $100,000 to comfortably afford a typical home in the United States, while most American workers earn less than half that amount.
As of May 2023, the median annual wage in the U.S. was just $48,060, making the typical American home cost about 9.1 times more than a typical worker's annual earnings.
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