“”You now need $93,000 a year just to afford the average home.<\/p>\n
In 2020 it was $52,000.<\/p>\n
In just 6 years the income required to buy a typical home jumped 79%.<\/p>\n
Seventy. Nine. Percent.<\/p>\n
Wages didn’t go up 79%.<\/p>\n
Productivity didn’t go up 79%.<\/p>\n
The cost of living didn’t go up 79%.<\/p>\n
Just the price of entry into the American Dream.<\/p>\n
And here’s the part that really stings.<\/p>\n
The median household income in America right now is about $86,000.<\/p>\n
Which means the MEDIAN American household earns LESS than what’s required to afford the MEDIAN home.<\/p>\n
Read that again.<\/p>\n
The average family can’t afford the average house.<\/p>\n
That’s not a housing market. That’s a housing crisis with a for sale sign on it.<\/p>\n
And people wonder why first time buyers have essentially disappeared.<\/p>\n
They haven’t given up on homeownership.<\/p>\n
The math just stopped working for them.<\/p>\n
Between 2020 and 2022 alone the income requirement jumped from $52,087 to $63,111.<\/p>\n
Then from $63,111 to $87,092 in one more year.<\/p>\n
Then to $98,900 at its peak.<\/p>\n
We’re slightly off that peak now at $93,061.<\/p>\n
Which sounds like improvement until you remember that $93,000 is still 79% higher than where we started.<\/p>\n
This isn’t a blip.<\/p>\n
This isn’t a correction.<\/p>\n
This is a structural shift in who gets to own a home in America.<\/p>\n
And right now the answer is increasingly: not you.””<\/p>\n
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“”You now need $93,000 a year just to afford the average home. In 2020 it was $52,000. In just 6 years the income required to buy a typical home jumped 79%. Seventy. Nine. Percent. Wages didn’t go up 79%. Productivity didn’t go up 79%. The cost of living didn’t go up 79%. Just the price <\/p>\n (Read More…)<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[4683],"class_list":["post-21609","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-income-required-to-buy-typical-home"],"_links":{"self":[{"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/21609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21609"}],"version-history":[{"count":1,"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/21609\/revisions"}],"predecessor-version":[{"id":21610,"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/21609\/revisions\/21610"}],"wp:attachment":[{"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}