As a result, homeownership became out of reach for many would-be buyers.In the last decade, the median home price rose roughly 30% and incomes crept up just 11% over the same time period, according to aOver 50 years, the difference is even more striking. After accounting for inflation,, while income has only increased by 15%, according to a separate report by online brokerage Clever Real Estate, based on Census data.
In effect, the pandemic-induced run on housing only worsened the affordability crisis for many potential home buyers, even withTo afford a home in 2021, Americans need an average income of $144,192 — far more than the median household income of $69,178, Clever Real Estate found.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: