Overview

• Home prices have surged since the COVID-19 pandemic, making homeownership less accessible for many Americans.
• In nearly half of the states, households need to earn at least six figures to afford a median-priced home.
• The median sales price of a new, single-family home was $416,300 in May 2023, significantly higher than in previous decades.
• Experts warn that housing affordability is not expected to improve in the near future due to high mortgage rates and low housing inventory.
• First-time homebuyers are buying homes later in life, with the average age now at 35.