The affordability of owning a home in the U.S. has dramatically decreased from 2020 to 2024, requiring households to earn significantly more to afford a home comfortably. According to CBS and Zillow data, the required salary to afford a home has nearly doubled, showcasing an almost 50% increase. This rise in homeownership costs, attributed to higher home prices, mortgage rates, and rent growth, starkly outweighs the 23% increase in median household incomes.
Why Are Homes Less Affordable for Americans?
