Across 390 metropolitan areas, nearly one-third now require double the income needed six years earlier to purchase a home. Nearly half of metros require six-figure salaries for a typically priced home; 150 of those metros are outside California and 64 are outside coastal high-cost communities. Since 2019, rental costs have climbed sharply: 47% of tracked occupations cannot afford a two-bedroom apartment and dozens of metros now require salaries above $75,000 for such rentals. In 85 metros, one-bedroom rents demand at least a 50% wage increase compared with 2019. The share of occupations able to buy with a 10% down payment dropped from 37% in 2019 to 14% in 2024. Notable affordability gaps appear in Asheville, Boise, Houston, Tampa, and Seattle.
These findings underscore the depth and breadth of the housing crisis, which is increasingly pricing out working families across the country regardless of geography or profession, said David M. Dworkin, president and CEO of the National Housing Conference. The housing affordability crisis is now hitting families in every metro area, for nearly every occupation. The analysis of 390 metropolitan areas found that nearly one-third now require double the income needed just six years ago to purchase a home.
Nearly half require six-figure salaries to afford a typically priced home. Of the metro areas where a six-figure income is necessary, 150 are outside California and 64 are outside coastal communities long known for steep housing costs. Rental costs have also climbed sharply. Since 2019, 47% of tracked occupations cannot afford a two-bedroom apartment with dozens of metro areas requiring salaries above $75,000 for such rentals.
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