A recent analysis highlights the projected affordability gap in housing markets across several states, particularly in the West. Montana and California top the list, with projected home prices soaring and income increases required to keep pace. For instance, Montana's home price is expected to reach $932,584, necessitating a startling 144% rise in income. Other states like New York, Rhode Island, and New Jersey also show significant gaps between median income and housing costs, emphasizing the ongoing challenges of housing affordability in urban and suburban areas alike.
Montana tops the list with the highest affordability gap, requiring a staggering 144% increase in household income to keep pace with soaring home prices.
California's soaring home prices continue to counteract the state's higher wages, necessitating incomes exceeding $250,000 to afford a typical home in 2030.
New York residents will need to nearly double their income to maintain housing affordability, particularly in urban areas with anticipated price spikes.
Rhode Island faces massive housing inflation with a sharp rise in home prices and stagnant wage growth, creating significant challenges for prospective homeowners.
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