According to a new study, the median national income can no longer afford the typical house in 35 of the country’s 50 biggest cities.
Based on home price data from the first quarter of the year, according to Visual Capitalism, the salary needed to afford the median US home stood at almost $76,000 – roughly $8,500 more than the typical household.
Still, median home payments outpaced median local salaries in many of the cities on the list — a symptom of the broader unaffordability issue that has seen prices outpace wages for some time.
Consumer prices have soared 9.1 percent over the past year, the biggest yearly increase since 1981.
Housing costs, which make up a third of the consumer price index, were up 5.6 percent in June from a year ago — though that data is only collected twice a year and likely lags behind real costs.
According to Daily Mail, the new home affordability study assumes a down payment of 20 percent with no more than 28 percent of a family’s income going toward monthly home payments.
With the income gap widening in the U.S., the rental market remains a more attractive option for many, especially as prices are finally tapering off. The national median rent price was down nearly 3% from June to July for two-bedroom apartments, Visual Capitalist writes.
That works well with the elites’ Great Reset plans. You’ll own nothing, and they’ll be happy.
THE STREETS ARE TALKING!!! (Interviews by mi Beautiful @ SavSays on Truth Social) pic.twitter.com/mm2TTX4L01
— il Donaldo Trumpo (@PapiTrumpo) August 5, 2022