According to a report by Oxford Economics, the U.S. housing market is grim, with home prices surging significantly and mortgage rates nearly doubling, resulting in only a third of households being able to afford a home.
The report highlights that to afford a new single-family home in Q3 2024, a household needs an annual income of $107,700—almost double the amount needed in Q3 2019, illustrating the growing affordability crisis.
Most affordable metro areas are primarily located in the Midwest, with places like Decatur, IL, and Youngstown, OH, allowing nearly two-thirds of households to afford homes with salaries ranging from $64,600 to $75,300.
Conversely, San Jose is identified as the least affordable metro area, where median home prices reached $1.89 million in Q3 2024, necessitating an astounding annual income of $461,000 to purchase a home.
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