A new Oxford Economics report revealed American households need an annual income of $107,700 to afford a single-family home, property taxes and insurance.
Americans need to earn nearly $108,000 a year to afford a single-family home in most cities now, according to a new economics report. Oxford Economics revealed this week that a household in 2024 needs an average annual income of $107,700 to afford a new single-family home, including property taxes and home insurance. This number was nearly twice the cost it was five years ago in 2019, at only $56,800.
Housing affordability has dropped significantly over the last five years in every major metro as house prices soared and mortgage rates nearly doubled," the report summarized. The least affordable cities included San Jose, San Francisco, Los Angeles, San Diego and Honolulu, where less than 15% of households could cover their respective housing costs. Of the 50 largest cities, the most affordable ones were in the Midwest and South, like Cleveland, Louisville, Detroit, St.
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