Middle Class Can’t Afford Typical Homes in 35 of 50 Biggest Cities

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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.

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Tim Kuehl
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Tim Kuehl
1 year ago

It’s not just the home prices but the taxes have gotten unreasonable. I know of people live in nice but not high end homes paying over $6,000 in taxes every year and a new appraisal just happened that might double those taxes. Why do I have to pay higher taxes because my home has gone up in value? The increased value does not help me at all unless I sell it. The county and school district are cashing in on my increased home value but I’m not and it’s my home.

GuvGeek
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GuvGeek
1 year ago
Reply to  Tim Kuehl

You vote for the Politicians who levy these taxes, but there is the Law of supply and demand. If people can’t afford homes it’s because there is a bubble. When the Bubble Breaks, prices drop. Unfortunately, in the parts of the Country run by Democrats you can’t do much about it; until you first get rid of the Democrats.

I live in a Republican (MAGA / America First) run State where property taxes and the cost of living are very reasonable.

GuvGeek
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GuvGeek
1 year ago

This is what Democrats have always wanted; Dependency!