The housing market in the U.S. continues to grapple with affordability issues, with the average home price reaching $424,900âa 40% increase since early 2020. A study revealed that approximately 75% of U.S. households cannot afford homes at current prices, as wage growth of only 2% over the same period fails to keep pace with home price surges exceeding 50%. Although certain regions still offer affordable homeownership options, the overall trend indicates a growing housing crisis as prices outstrip wages further into 2025.
Median inflation-adjusted earnings climbed by only 2% between the beginning of 2020 and late 2024, while home prices skyrocketed by over 50%, worsening affordability.
A recent study found that nearly 75% of American households are unable to afford a typical home in today's market due to rising prices and stagnant wages.
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