Since the onset of the pandemic, home prices have surged nearly 38%, making homeownership increasingly inaccessible due to high mortgage rates and stagnant wages.
In many cities across the U.S., the median list price for single-family homes now stands at $437,450, up $118,500 since early 2020, showcasing a severe affordability crisis.
Studies indicate it now requires an income over $100,000 to afford a typical home in the U.S., while the median wage hovers around $48,060, highlighting the disconnect between incomes and housing costs.
Nationwide, the median home price is approximately 9.1 times the average worker's annual earnings, illustrating the stark challenge many Americans face in achieving homeownership.
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