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Struggling with Homeownership

Apr 7, 2024

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Analysis by CBS News in March showed that the average American household cannot afford to buy a home in 2024.

The average American family needs to earn $106,500 to comfortably afford a home in the U.S. in 2024, CBS said in March, using data from Zillow. Just four years ago, a family would only need $59,000 per household to afford the same property. This suggests an almost 50% increase in the cost of owning a home since the start of President Joe Biden’s time in the White House.

The cost of owning a home should only be around 30% of pre-tax income, including mortgage payments (which is around 6.6% at the time of writing). As the median income in the U.S. was $66,000 in 2020 and interest rates were low, owning a home was significantly easier. (LEARN MORE: 55% Know Biden’s Policies Will Make Economy Worse)

What About Today?

The staggering increase in homeownership costs over just a four-year timeframe does not correlate with the only 23% increase in median household incomes, CBS noted. Zillow argued that not even high-income earners can technically afford to own the average home in the U.S. in 2024.

Housing costs have soared over the past four years as drastic hikes in home prices, mortgage rates, and rent growth far outpaced wage gains.” Zillow analyst Orphe Divounguy noted in the report. “Mortgage rates easing down has helped some, but the key to improving affordability long term is to build more homes.” (LEARN MORE: Biden’s Economy Brings Misery To Men)

Balancing The Economy Is Essential In 2024

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