The cost of owning a house in the US has skyrocketed
Owning the average home in the US in 2024 now requires an income of $106,000, according to Zillow. Just four years ago, you only needed $59,000 in income to afford an average house in the US. That’s an income increase of $47,000, or 80%, from 2020 while wages have only increased by 23% in that time. Currently, the median US household income in the US is ~75,000 USD.
In other words, the median household income was previously 27% ABOVE the income needed to afford a home. Now the median household income is 41% below the income needed to afford a home. Being able to afford housing is horrible at best.
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