COST OF LIVING • HOUSING AFFORDABILITY
Six figures. That’s what it takes to buy an average house in America right now. Not a mansion in Scottsdale. Not beachfront. The median existing home now runs $434,900. Mortgages sit at 6.65%. In August 2020, you needed $75,000 and the typical household, earning $67,521, fell just $7,479 short. Today the median household pulls in $87,599… and comes up $22,197 short. The gap has nearly tripled. That means your kid, your nephew, the young couple at church — if they earn what most Americans earn, they do not qualify to buy a house.
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In 41 of America’s 49 largest cities, a family earning the median salary cannot afford the median-priced home.
