Majority of U.S. Homes Unaffordable for Median-Income Buyers, Report Finds
A recent analysis by Bankrate reveals that over 75% of homes on the U.S. market are unaffordable for families earning the median income. With the median household income just under $80,000, prospective buyers need approximately $113,000 annually to afford a median-priced home, which is around $435,000. This affordability crisis is exacerbated in cities like Miami and Los Angeles, where affordable listings are scarce. Conversely, cities in the Rust Belt and South, such as Pittsburgh and St. Louis, offer more affordable options. The report highlights that rising home prices, high mortgage rates, and limited inventory are key factors driving this trend, making homeownership increasingly out of reach for many Americans. 
