Home prices have surged since COVID-19, with median prices at five times median income, hindering homeownership for most Americans. The gap in incomes and housing prices is widening post-pandemic.
Rising property taxes, insurance rates, and all-in monthly costs for homes have reached 30-year highs. This financial strain, coupled with low homeowner selling rates, has caused a plunge in existing-home sales.
Closing racial gaps in homeownership remains challenging, with only 8% of Black renters and 13% of Hispanic renters having sufficient incomes for median home payments. Homeownership rate in the U.S. saw minimal growth in 2024, affected by these factors.
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