The article discusses the challenges of homeownership in America, emphasizing that the median home price has reached $412,000, causing financial strain. While homeowners in states like Hawaii and California must work 15-17 days a month to afford their mortgage, those in West Virginia or Ohio only need to work about 6-7 days. The gap between wages and home prices has widened, intensified by the COVID-19 pandemic, highlighting the economic burden on households across the country.
Home prices have significantly outpaced wage growth in recent years, widening the gap between income and housing affordability, says Hannah Jones, Realtor.com® senior economic research analyst.
This disparity intensified during the [COVID-19] pandemic, when a surge in housing demand strained inventory, driving home prices sharply upward and increasing economic pressure on households.
In Hawaii, homeowners will need to work 17 days each month just to cover the payment of $5,222, including tax and insurance.
Residents in West Virginia and Ohio have lower median home prices, needing to work about 7 and 6 days a month, respectively, to cover mortgage payments.
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