Overview

• Homebuyers need to earn over $106,000 annually to afford an average home in the U.S., an 80% increase from 2020.
• In regions like Rhode Island, incomes need to be near $300,000 to purchase a median-priced house.
• Mortgage rates have risen to near 7%, with the national average home price increasing 29% since the pandemic.
• Creative financing methods, including gifts or loans from family and friends, are being used by first-time buyers.
• Experts warn of a continued housing affordability crisis without significant changes to zoning and housing supply.