Income Required to Afford a Home Skyrockets Across the U.S.

The income needed to afford a typical home has surged by up to 80% since 2020, outpacing wage growth and putting homeownership out of reach for many.

In the Seattle area, homebuyers now need to earn nearly $214,000 annually to afford a typical home, marking a nearly 80% increase since 2020.
Nationwide, Americans must earn about $106,500 to comfortably afford a home, a significant rise from the $59,000 needed in 2020.
Wage growth has not kept pace with the soaring housing costs, with median incomes rising only about 22% to 23% over the same period.
Homebuyers are increasingly relying on loans or gifts from family, partnering with friends, or 'house hacking' to afford homeownership.
Despite expectations of slight interest rate dips, the housing affordability crisis is expected to persist without a significant increase in home supply.