Here's how much home prices are rising faster than incomes
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.
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