“Home prices are now rising much faster than incomes, studies show”
November 10, 2021
“…In the last decade, the median home price rose roughly 30% and incomes crept up just 11% over the same time period, according to a Bankrate analysis of data from the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
Over 50 years, the difference is even more striking. After accounting for inflation, home prices have jumped 118% since 1965, while income has only increased by 15%, according to a separate report by online brokerage Clever Real Estate, based on Census data… To 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…”