To afford a median-priced starter home, would-be buyers need to earn almost $80,000 a year, while 50.1% of households earn $75,000 or less.
Mortgage rates are elevated and home prices are near record highs; the typical starter home now sold for $250,000, far above past prices.
Real estate is how many typical Americans build wealth, but the chances of moving up in personal wealth through housing have diminished dramatically.
Rising prices have pushed many middle-income Americans to buy starter homes while lower-income households have been entirely pushed out of the market.
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