The significant rise in income needed to purchase a median-priced home in the U.S. has surged by 70% over six years, totaling nearly $47,000 since 2019. Currently, a household requires an annual income of about $114,000, despite the typical household earning around $80,600. While required income has stabilized recently due to flat mortgage rates and home prices, it still reflects severe affordability challenges compared to pre-pandemic levels, especially in cities like Memphis, TN, where a 94.8% income increase has been observed.
To purchase a house at the national median list price of $431,250 in April, a household needed to earn about $114,000 annually.
According to the latest data from the U.S. Census Bureau, in 2023, the typical household earned just over $80,600 per year, or approximately 41% less than the recommended income.
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