US Housing Affordability Plummets, Six-Figure Salaries Now Required in Nearly Half of States
A study reveals a 45.5% increase in the salary needed to afford a median-priced home since 2020, with significant impacts during President Biden's term.
- A recent study shows that the average salary needed to afford a median-priced home in the US has surged by 45.5% since 2020, now requiring $110,871 annually.
- In nearly half of the US states, a $100,000 annual income is now necessary to afford a median-priced home, with the number of states requiring such income increasing significantly during President Biden's term.
- Home prices have risen more than 40% nationally, while mortgage rates have more than doubled, significantly impacting housing affordability.
- The states with the highest increases in required annual income for home purchases include Montana, Utah, Tennessee, South Carolina, and Arizona.
- Efforts to address the housing affordability crisis include proposed tax credits for middle-class first-time homebuyers and initiatives to increase housing supply.
Sun Sentinel 
