Our map combines median U.S. home prices with the annual salary needed in order to afford to own a home in the fifty.
According to an October 2021 Pew Research survey, nearly half (49%) of Americans say that availability of affordable housing in their local community is a major problem.
Since 2016, when the US reached home-price levels equal to those experienced during the peak in April 2007, there has been continuous increase in prices. Some growth, like the 17.5% experienced in the US between November 2020 and 2021, has been in the double digits.
Home price increases are not the only factor contributing to the affordability issue. Historically low mortgage rates continue to drive prices up and stagnating wage growth excludes a large portion of potential buyers as they become priced out of the market.
In this article we dive into what homeowners need to earn in order to afford a home in the largest 50 metro areas of the US.
