The S&P CoreLogic Case-Shiller index reports a staggering 53% increase in housing costs in the U.S. since January 2020, driven by supply constraints and rising demand.
As home prices and mortgage rates continue to climb, potential buyers face a daunting market, with many Americans now spending beyond the recommended 30% of their income on housing.
The widening gap between median home prices and household incomes has left many Americans priced out of the market, with the current price-to-income ratio now at 4.9.
In several states, particularly in the Northeast and West Coast, the annual income needed to afford a median-priced home now exceeds $175,000, highlighting affordability challenges.
#housing-affordability #economic-impact #covid-19-crisis #real-estate-market #homeownership-challenges
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