Research indicates almost 90% of U.S. renters desire to purchase homes yet face affordability challenges. Home prices rose 3.4% from December 2023 to December 2024 and will continue to increase, with a median existing home price of $404,500 reported by the National Association of Realtors. A GOBankingRates analysis breaks down what potential buyers can afford across states and reveals that a $300,000 budget allows for up to 1,500 square feet in 25 states. West Virginia stands out as the only state where this budget can buy over 2,000 square feet.
Nearly 90% of renters in the U.S. aspire to become homeowners, yet financial constraints prevent them from realizing this goal.
Home prices are projected to rise by 4.1% by December 2025, exacerbating affordability issues for potential buyers wanting to purchase a home.
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